Greenville, Jan. 11, 2022 (GLOBE NEWSWIRE) — Between August 2020 and August 2021, the growth in home prices increased at a rate faster than any other period in U.S history. A competitive buying market further intensified during the covid-19 pandemic, with homeowners becoming increasingly disgruntled with their current properties. For many, more yard space, home offices and remote locations became top of the wish list.
The good news for homebuyers is that the market has shown signs of slowing. According to the latest S&P CoreLogic Case-Shiller Index, which is the gold standard in residential real estate prices, the cost of U.S home prices rose 19.5% between September 2020 and September 2021. This is a 0.3% dip in price growth and the first dip in the past two years.
Mortgage Rates Today, a leading mortgage specialist that helps homebuyers find the best lenders with the best interest rates, has said that although the dip appears to be small, the vast majority of the 19.5% increase took place during the spring and summer when the market was very competitive. In September 2021, the rise was just 1.18%, and it appears that price growth will continue to decelerate over the coming months.
Below, we look at why now could be a good time to buy, and why in this competitive market, it’s important to seek out expert mortgage advice:
Will the growth in home prices continue to decelerate?
Prices of homes accelerated at vigorous pace during 2020-2021. Reaching record highs, it’s unlikely that this will continue. Instead, we are more likely to see a deceleration in the growth of prices, despite some growth destined to occur.
Mortgage Rates Today experts say that many industry forecasting models are predicting varying rates of deceleration. Some predict prices will rise by 13.6% between October 2021 and October 2021, whereas others say it could be far less, more in the region of 1.9% – 3%.
The slowdown in home price growth is positive news for many who wish to purchase a new property. Prices may continue to rise, but the frenzy of the market should begin to cool. This will give potential new buyers the opportunity to take check of their financial position, explore the market and make the right choice.
If you’re eager to move home, you should speak to mortgage rate specialists
According to Mortgage Rates Today, for those who have found a property or are eager to move home, the advice is to speak to mortgage rate specialists. With uncertainty around the scale of home price growth over the next year, it’s more important than ever that you find the right mortgage lender who provides you with the best possible rate.
Mortgage Rates Today scan the market to provide the best mortgage rate options available to you. Their easy-to-use digital platform and vast industry knowledge provides homebuyers with what they call “the best mortgage experience in the industry”, encompassing all major mortgages and all manners of lenders that suit your requirements and buying circumstances.
Finding the lowest interest rates that can save you hundreds of dollars per year, and thousands over the lifespan of a mortgage, can make all the difference in the current market. Mortgage Rates Today connect you to the right options, provide quick quote and full application options, and are backed by a team of dedicated mortgage specialists who can advise and guide you through the process.
About Mortgage Rates Today:
Mortgage Rates Today is owned by Resource Financial Services, Inc. and is a privately owned mortgage company with a goal of providing the “best mortgage experience in the industry”. We are hyper- focused on educating our clients, so they understand their best mortgage option, providing clear communication and accessibility, while simplifying the process…ReadMore…