August brought a much-needed break for prospective homebuyers, with mortgage rates dipping and home prices cooling, according to the latest ICE Mortgage Monitor Report.Read more: https://t.co/FubI3eY3b4
— Mortgage Professional America Magazine (@MPAMagazineUS) September 4, 2024
While prior to the rule changes, realtors may have been more concerned about getting leads, their focus has now shifted to how to obtain their fees, Medve said – “which we highly support, because we want realtors writing million-dollar contracts. We don’t want buyers going in unrepresented.
“You do not want, as a buyer, not to be represented on a million-dollar contract. It’s a legal contract and there’s myriad ways you could lose a fortune if you don’t do that.”
Knowing that the option will be there to refinance borrowers to a lower rate down the line, Medve said pricing in the upfront cost – a realtor’s fee, closing cost, or appraisal – to the original rate can help ensure realtors get paid and borrowers can plan for the future.
Cause for optimism for both purchase and refinance activity
Overall, the mortgage market has seen a significant acceleration in recent weeks, Medve said, amid falling rates and a general appreciation that now could be the right time to secure a favorable refinance.
On the purchase side, plenty of competitive markets have expanded dramatically, with conventional buyers jumping in and offering lower prices, while availability issues are also beginning to resolve themselves.
