Madison mortgage rates keep falling, and are now at their lowest levels since November of 2016. Check out this chart from Freddie Mac, which shows how interest rates have trended over the last 3 years.
Locally, some Madison area lenders are publishing rates for a 30-year fixed rate loan as low as 3.5%.
How do lower rates help you right now?
If you're planning to buy right now, here are the two big benefits:
First, today's low rates give you more homes to choose from by lowering your monthly mortgage payment, which is a big plus in our low inventory market.
Second, the timing of this rate drop is very beneficial to anyone who's serious about buying right now. That's because many sellers are becoming more flexible with their pricing now that the peak spring market has come and gone. We're seeing fewer bidding wars and more price reductions as we approach the month of September.
Do you have questions about buying a home in the fall market?
Reach out to your favorite Mad City Dream Homes agent for a no-nonsense consultation. We'll help you learn more about the opportunities available to buyers in our always changing market.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred