PHOENIX — The recent Federal Reserve rate cut is bringing more buyers to the table, but many are waiting for the Goldilocks window to open — the "just right" timeframe considered ideal for buying a home.
The 30-year fixed-rate mortgage averages 6.08%, according to Freddie Mac's Primary Mortgage Market Survey released Sept. 26 — the lowest level in two years.
The fourth quarter tends to be the best time to buy a home in metro Phoenix — that's usually when there's a boost in supply without a corresponding boost in demand, said Tina Tamboer, senior housing analyst for Scottsdale-based The Cromford Report.
"This year is similar in that we are seeing a boost in demand, but since mortgage rates dropped below 6.5% and have been hovering between 6.1% and 6.2% since Sept 11, buyer demand has picked up 11.5% from just three weeks ago, most notably between $300,000 and $800,000, where mortgage rates are more influential," Tamboer said.
Read more of this story from the Business Journal.
