Local News
Real estate broker in Rochester thinks that with the recent decline in mortgage rates, this is the ideal moment to buy
By 
Editor-in-Chief
Rochester, New York – As fall approaches, mortgage interest rates also change to reflect the changing of the leaves.
Elysian Homes’ owner, Mark Siwiec, talked on the Federal Open Market Committee’s decision to lower interest rates by.5 percentage points.
He replied that 30-year mortgage rates would go from 7.3% to 6.1% in six weeks.
What then does this mean for potential buyers? Siwiec suggested taking action right now despite the competitive market and lack of available houses because loan rates are expected to decline in November and December.
Siwiec claims that since loan rates have dropped significantly, buying a house now costs less per month, allowing purchasers to put an extra $40,000 down.
It was also highlighted how Rochester might become one of the leading markets for recently listed real estate.
Siwiec said, “There still aren’t enough houses to meet the needs of the buyers who are out there.” According to certain sources we’ve just read, Rochester is predicted to be the US community where the most newly built homes will go up for sale in the following year. This is another significant tidbit.
Siwiec further suggests that in order to take advantage of the current competitiveness and reduced borrowing rates, purchasers should buy now and refinance later.
Customers are being encouraged to visit the market again. They’re finally feeling some relief,” Siwiec said. “Relief that they haven’t really had over the last four and a half years to experience or enjoy.”
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