SAN ANTONIO – Summertime in San Antonio is usually a busy time for the real estate market, but that has not been the case this summer, now that interest rates have dropped, the housing market has seen more movement.
Imagine saving hundreds of dollars on your monthly mortgage, that sounds like a dream, right? According to CrossCountry Mortgage Sales Manager Jay Baig, it can now be a reality, since interest rates dropped this month.
“They dipped, and people were seeing that we’re seeing 8% interest rates on their pre-approval, started to see 6.5% interest rates on it,” said Baig.
Since rates are currently lower than they have been in more than a year, Chairman of the San Antonio Board of Realtors, Will Curtis said many buyers will likely be taking advantage.
“So a lot of times, folks will, as soon as it changes, will want to jump in, try to get it before we see some adjustments in pricing, whether up or down, and try to capitalize on those changes,” said Curtis.
The lower rates are making the American Dream more obtainable now, according to Spencer Skubik, Associate Broker with Becker Properties.
“We’re seeing a resurgence in first-time homebuyers. They’re able to come back into the market and honestly have more buying power now,” said Skubik.
Rates are expected to drop again later this year and according to Baig, that will also bring an influx of buyers to San Antonio’s housing market.
“September, December, both of those are really being watched. I think buyers are anticipating that and getting ready to get on mortgages probably again, around five and a half percent,” said Baig.
If you’re thinking about buying a home, Baig suggests before you start looking at houses, you find a lender to help you determine a budget that will give you comfortable monthly mortgage payments.
