Here is some good news for homebuyers today: it is not a bad time to be looking to purchase in Delray Beach, FL. Mortgage standards have been loosening up and that has a lot of people looking to buy. For instance, credit score requirements have reduced and mortgage rates have been staying low. In today’s housing market, many sellers have seen that more conservatives are looking to buy a home and they are not overpaying. If you are planning to buy a home, act now. Now is the time. In the coming months, the housing market is expected to heat up and the rates will eventually rise again. Still, there are some Fall housing trends that you should expect to see this year.
- Expect to see more mortgages in Delray Beach, FL and other parts of the United State being given out to homebuyers with lower credit scores. Mortgage lenders are loosening up their credit standards. According to Ellie Mae’s latest origination insight report, the average credit score for mortgages that were closed in August of this year was 727. Last year in August, the average credit score for mortgages was 734. More homebuyers, especially first-time homebuyers will be able to get home mortgages.
- Expect to see more homebuyers moving out of their comfort zones and moving into more affordable markets. More young buyers who are part of the Millennials, the generation born between 1977 and 1992, are relocating to areas that they didn’t seem as appealing, but now they are prioritizing as affordable. Their view is now being places on affordability rather than on living comfortably where they have been raised in.
- Expect to see more conservative buyers searching for homes. Millennial buyers have been rather conservative with their spending. Pava Leyrer, director of training for Northern Mortgage Services in Grandville, Michigan said, “They are sticking to their budgets.” That is not necessarily a bad thing. It does make sellers’ jobs a bit more difficult. Delray Beach, FL mortgage lenders have also seen how the new homebuyers of today are more conservative.
- Expect the mortgage rates to finally begin to climb. This may be the last time homebuyers will be able to lock a low mortgage rate. The Mortgage Bankers Association is expecting the 30-year fixed rate to go up to 4.5% by the 4th quarter of this year. On October 15, 2014, the mortgage rate dropped to 4.01% from September 17’s high rate of 4.33%. Like the saying goes, “All good things must come to an end.” Homebuyers just have to be more optimistic in the coming months if they are seeking a low mortgage rate.
- Expect the housing market to gain traction. During the summer of this year, there was a lot of home sale activity. There was some friction due to the fact that there were many people looking for homes, but there was a lack of homes on sale. It doesn’t seem to be that way now for the Fall. Low inventory might not be a problem.
These five Fall housing trends can be taken advantage of by Delray Beach, FL residents who are searching for homes and looking for mortgage loans. In fact, some of them are going to Ace Mortgage Loan Corporation for assistance with Delray Beach, FL mortgage loans. The professional home loan experts at Ace Mortgage Loan Corporation are knowledgeable and they can help you obtaining a mortgage. Their mortgage services include help with refinancing a home, purchasing a home, or obtaining a VA or FHA loan. Call them today at (954) 777-4774 for more information.