Mortgage Rates Dip—Is Now the Right Time to Buy in Imperial Beach?
If you’ve been holding off on buying a home because of high mortgage rates, it might be time to take another look at the market. Mortgage rates have been trending downward, and in Imperial Beach, the real estate landscape is shifting in favor of buyers.
Mortgage Rates Are Declining
According to Freddie Mac, mortgage rates have been steadily declining for the past seven weeks. The average weekly rate is now at its lowest point so far this year, dropping from over 7% to the mid-6% range. This is a meaningful shift, especially since earlier forecasts predicted we wouldn’t see rates this low until later in the year.
According to Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), this dip is influenced by economic uncertainty:
“Mortgage rates declined last week on souring consumer sentiment regarding the economy and increasing uncertainty over the impact of new tariffs levied on imported goods into the U.S. Those factors resulted in the largest weekly decline in the 30-year fixed rate since November 2024.”
With spring right around the corner, this rate decline is a welcome change for buyers. However, mortgage rates can be volatile, so acting while they’re low could be a smart move.
Imperial Beach: A Buyer’s Market
Here in Imperial Beach, housing inventory is high, leading to longer days on the market and price reductions. This means sellers are becoming more motivated, making it an excellent time for buyers to negotiate favorable terms. Many sellers even offer buyer credits to help lower interest rates or cover closing costs. This can make homeownership more affordable, especially with declining mortgage rates.
What Lower Mortgage Rates Mean for You
Even a small drop in mortgage rates can significantly impact your monthly payment. Here’s an example:
In January, when rates were 7.04%, a $400,000 loan meant a significantly higher monthly mortgage payment.
Now, with rates in the mid-6% range, the monthly payment has dropped by over $100—a meaningful savings over time.
With rates lower and seller incentives available, buying now could mean securing a great home at a great price with additional financial benefits.
Bottom Line
If you’ve been waiting for the right time to buy, this could be the opportunity you’ve been looking for in Imperial Beach. With falling mortgage rates, increased inventory, and motivated sellers willing to negotiate, now is the time to explore your options.
Curious about what’s available? Reach out today to Deborah Vance, your trusted Imperial Beach real estate expert, to discuss taking advantage of this buyer’s market!
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