According to Bankrate.com the 30 year bench mark dropped this week.  Interest rates are forecasted to increase in the coming months of 2018.  Mortgage rates are at their highest in more than four years and the impacts may be the greatest on first time homebuyers.  Typically first time homebuyers have the tightest budgets and faced with low inventory, higher average sale prices, and potentially higher interest rates forcing to delay a purchase or simply settle for smaller less expensive homes.  With this recent drop in rates and the Federal Reserve predicating a raise in short term interest rates NOW may be the best time to purchase.  Have questions or would like additional market information on your specific area feel free to give me a call at 315-420-5871, complete the “Contact Us” form to the right or email me at mbidwell@listingcompanycny.com.

Data by Central New York Information Service, the MLS of the Greater Syracuse Association of REALTORS® (GSAR).  Michael Bidwell, Licensed Salesperson is a Member of the GSAR.

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