National average mortgage rates have dropped for three weeks, but Duluth is not seeing the same decline as the rest of the country.<\/p>\n
National average mortgage rates have dropped for three weeks, but Duluth is not seeing the same decline as the rest of the country. <\/p>\n
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. <\/p>\n
RELATED STORY: Average US long-term mortgage rate slips to 6.23%, its third weekly drop \u2013 WDIO.com<\/a><\/p>\n Bell Bank provided a statement explaining Duluth\u2019s mortgage rates may not be changing due to factors like a shortage of housing options.<\/p>\n \u201cWhile our local market is steady, rates are driven by broader economic conditions beyond any one area. Nationally, we\u2019ve 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.\u201d<\/p>\n 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.<\/p>\n \u201cThe biggest thing is to be comfortable with what price comes along the home and be honest with yourself and your family about it,\u201d said Buckingham. \u201cAnd 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\u2019t move the house. Knowing where you want to be and knowing what works best for you and your family is the most important thing.\u201d<\/p>\n The realtor also said that first-time homebuyers can look into federal programs for potential financial assistance.<\/p>\n \u201cSee if there\u2019s any kind of financial assistance for your situation. The federal government offers down payment assistance programs, and there\u2019s no harm is spending a little time to see if that\u2019s something available to you,\u201d said Buckingham. \u201cAlso, contact multiple lenders. When you purchase a home it\u2019s 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.\u201d<\/p>\n You can learn more about Bell Bank here.<\/a> You can learn more about Messina & Associates Real Estate here.<\/a><\/p>\n