Posts with tag 'Mortgage'

A lot of buyers are pressing pause on their plans these days, holding out hope that mortgage rates will come down – maybe even back to the historic-low 3% from a few years ago. But here's the thing: those rates were never meant to last. They were a short-term response to a very specific moment in time. And as the market finds its footing again, it's time to reset expectations.

Back in 2020 and 2021, 3% mortgage rates gave buyers a serious boost: more affordability, more buying power, and more opportunity. But those rates were a result of emergency economic policies during the height of a global pandemic. Now that the economy is in a different place, we're seeing mortgage rates in the high 6% to low 7% range.

And while experts currently project a slight easing in the months ahead, most industry leaders agree: rates are not going back to 3%.

Instead, many forecasts suggest mortgage rates will...

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What's in the March 2025 Bend Premier Newsletter?

• Bend Home Inventory Up With Closings Down
• Dutch Baby Pancake
• Outdoor Furniture Revival: How to Clean, Restore and Prep for Patio Season
• Alder Springs Hike in Central Oregon
• You Finally Have More Options for Your Move

Bend Real Estate Inventory is Way Up

The real estate trends for Bend single family homes are reflecting a changing market. Sales are dependent upon a mortgage interest rate that works for the majority of home buyers, but also upon available homes from which to choose. February 2025 saw a shift in both categories with a large increase in home inventory as well as a more moderate reduction in mortgage interest rates. Buyers are finding many more homes on the market that may meet their search criteria. Sellers are finding that in order to make their home stand ou...

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Many people are hoping mortgage rates will come down before they buy a home. But will that actually happen? According to the latest forecasts, experts say rates will decline, but not by as much as a lot of people want.

The good news? Even if they don't drop substantially, there are still ways to make buying a home more affordable.

How Much Will Rates Drop?

A few months ago, experts were forecasting mortgage rates could dip below 6% by the end of the year. But recent projections suggest that may not happen after all.

While mortgage rates are still expected to decline some later this year, projections from Fannie Mae, the Mortgage Bankers Association (MBA), and Wells Fargo now show them stabilizing closer to the 6.5% to 7% range (see below):

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More Bend Home Inventory and Moderate Price Increases Were the Norm for 2024 Sales

2024 Bend home sales experienced modest price increases for the year, but Bend home buyers were fortunate to have more options. Sellers who had hesitated putting their property on the market during Covid and following when mortgage interest rates were close to 8% finally had more inclination to do so when mortgage rates dropped to the mid 6% range during the summer of 2024. Delayed moves which were offset by high mortgage rates for a subsequent purchase finally made sense when rates dropped. Although there was an increase in home prices and sales for Bend single family homes, it was modest. With more in...

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