National average mortgage rates have dropped for three weeks, but Duluth is not seeing the same decline as the rest of the country.
National average mortgage rates have dropped for three weeks, but Duluth is not seeing the same decline as the rest of the country.
The national average 30-year fixed rate mortgage is now at 6.23%, according to the Associated Press, down from 6.3% last week. In Duluth, rates have remained stable.
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Bell Bank provided a statement explaining Duluth’s mortgage rates may not be changing due to factors like a shortage of housing options.
“While our local market is steady, rates are driven by broader economic conditions beyond any one area. Nationally, we’ve seen lower average interest rates each of the last three weeks. Locally, interest rates play a role in the housing market, but a shortage of a wide variety of housing options in and around Duluth also is a major factor.”
If you are planning on buying a house this season, realtor Scott Buckingham with Messina & Associates Real Estate shared some advice to first time home buyers.
“The biggest thing is to be comfortable with what price comes along the home and be honest with yourself and your family about it,” said Buckingham. “And location is one of the most important things when buying a home. People can get so worried about what the house has inside, but you can’t move the house. Knowing where you want to be and knowing what works best for you and your family is the most important thing.”
The realtor also said that first-time homebuyers can look into federal programs for potential financial assistance.
“See if there’s any kind of financial assistance for your situation. The federal government offers down payment assistance programs, and there’s no harm is spending a little time to see if that’s something available to you,” said Buckingham. “Also, contact multiple lenders. When you purchase a home it’s one of the largest purchases of your life, if not the largest. You have to do your due diligence and I suggest you talk to no less than three lenders.”
You can learn more about Bell Bank here. You can learn more about Messina & Associates Real Estate here.
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