San Antonio Real Estate Sees Uptick As Mortgage Rates Drop
Introduction
San Antonio’s real estate market has experienced an unexpected uptick this month, a surge attributed to a steep drop in mortgage rates. Historically, the summertime in San Antonio is a high-tempo period for the real estate market, but this year the trend was reversed until recently when interest rates started falling.
Interest Rates Drop
Interest rates have taken a noticeable dip this month, a change that has significantly impacted the monthly mortgage payments for many homeowners. For some, this translates to saving hundreds of dollars on their monthly bills. “Upon seeing an 8% interest rate on their pre-approval, many prospective homebuyers have been delighted to find rates at 6.5% instead,” said Jay Baig, a Sales Manager at CrossCountry Mortgage.
Taking Advantage
Chairman of the San Antonio Board of Realtors, Will Curtis, noted that buyers are likely to take advantage of the sudden drop in interest rates. They are quickly trying to leverage these lower rates before any possible upticks or alterations in property prices could occur.
Resurgence of First-Time Home Buyers
Associate Broker Spencer Skubik, of Becker Properties, noted the reappearance of first-time home buyers within the market. These interested buyers are attributed to having more purchasing power due to reduced mortgage rates, putting the American dream of homeownership within closer reach.
Future Predictions
Mortgage rates are expected to drop again later this year, alluding to potentially another wave of buyers. Baig predicts that mortgage rates in both September and December might see a decrease to approximately five and a half percent, heralding another influx of buyers into San Antonio’s housing market.
Recommendations
For those contemplating purchasing a home, Baig recommends consulting a lender first to determine a suitable budget. This strategic planning can help prospective homeowners understand their possible monthly mortgage payments, making this significant financial undertaking more manageable.
As the interest rates continue to fall, the real estate market in San Antonio is opening up to a wider group of homebuyers. The market remains excitedly watchful over the upcoming fluctuation in percentages, and seasoned and first-time homebuyers alike are showing battling readiness to seize this financial opportunity, brought on by the falling mortgage rates.