FARGO — Local real estate agents say now, more than ever, is the time to consider buying a house.
Thirty-year mortgage rates recently dipped below 6% nationally for the first time in more than three years, and some buyers may qualify for an even lower rate. The last period in which rates were this low was in fall 2022.
Agents are encouraging potential buyers to review their finances and see if they qualify for additional help.
As the saying goes, strike while the iron is hot.
“They’re always going to be making more people, they’re not going to be making more land. That’s how I look at things: people always need a place to live,” said Jenny Schuster, a real estate agent with Park Co. Realtors.
Schuster said that even though mortgage rates have slightly declined over the past three years, taking advantage of the current dip benefits those bold enough to make a move.
“When things are going on, sometimes it’s the ones that take that leap that end up being the ones that get ahead of things, maybe getting ahead of those lower pricing, instead of afterwards when it goes up,” she said.
The news comes as lenders like Gate City Bank and Western State Bank have introduced “mortgage rate relief” programs that can reduce rates by as much as 1.5%.
“It’ll help those folks that may think that they’re renters forever, and getting them into a home, having a home where their children aren’t having to live in an apartment,” said Jon Lindquist, senior mortgage loan officer at Gate City Bank.
Eligibility for the programs depends on location and income. Lindquist said current trends show that finding ways to save on payments can especially help new buyers.
“We’ve seen significantly more activity with rates starting to fall, so tying that in with this program, it opens more doors,” he said.
Real estate experts also cautioned buyers should be aware of the relationship between home prices and mortgage rates.
“If the rates drop, the prices are going to go up because there’s going to be more competition and more buyers, so it’s timing that correctly, and I think right now is a very good time,” Schuster said.
The rate relief programs are available for buyers earning up to 80% of the area median income. Prospective buyers with questions about eligibility or home-buying are encouraged to reach out to local experts.
Isak Dinesen joined WDAY-TV as a reporter in September 2024. He previously worked as a multimedia journalist at WAOW-TV in Wausau, Wisconsin for three years. He graduated from NDSU in 2020, majoring in Journalism and minoring in Sports Communication at MSUM.
