At the end of October, rates on a 30-year mortgage were around 8%. It was the highest that rates had been in more than 20 years, and nearly triple the all-time record low from 2021.
Home sales stalled as a result, and mortgage demand plunged to its lowest level this century as prospective homebuyers stayed on the sidelines.
But since then, rates have been on a downward path, mortgage applications have started picking up and home sales are now on the rise.
* This is NOT a commitment to lend. Financing example is based on a sales price with a 5% down payment. Mortgage is an FHA loan with 2 points and an interest rate of 5.5% (APR to be determined by a lender). Offer available on select homes purchased between February 1st and February 28th that close by March, 2025. Allen Edwin Homes reserves the right to change prices, incentives, plans & specifications without notice. Buyer must utilize Builders Preferred Lender to receive promotion. Total Closing Cost contribution subject to Seller’s contribution limitations based on Mortgage Programs and loan to value guidelines that are outside Seller’s control. All Loans are subject to loan qualifications of the lender. Rates, terms and conditions are subject to change without notification. Certain loan programs may not qualify for the full incentive. Any unused portion of the funds cannot be applied to cost of home, options, elevation premiums, or lot premiums. Any unused portion will be forfeited. Additional conditions or restrictions apply. See Allen Edwin Homes Sales Professional for more information. Offer expires February 28th, 2025.
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