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Regional housing market will heat back up after mortgage fee rule change

  • / Updated:
  • Staff Report 

Starting Monday, a rule change will alter mortgage fees, making new home loans backed by Fannie Mae and Freddie Mac relatively cheaper. Borrowers with higher credit scores will generally see an increase in costs, while those with lower scores will experience a decrease. The Federal Housing Finance Agency aims to make home buying more affordable and level the playing field for sellers with this new fee structure.

DiSanto Propane (Billboard)

Realtor Chip Hodgkins of Hunt Real Estate reports that spring is the busiest time for the Central New York housing market, with 60% of annual transactions occurring before June’s end. However, a continued lack of supply presents challenges for buyers. Factors contributing to low inventory include sellers’ difficulty in finding new homes to purchase and their reluctance to let go of low-interest rates.

The current average interest rate for a 30-year fixed-rate mortgage is 6.95%, while the 15-year fixed rate sits at 6.37%. Housing prices have risen by 15-20%, and multiple offers are still common due to the market’s under-supply. Hodgkins advises sellers to focus on their home’s exterior, declutter and paint interiors, and update master baths and kitchens if possible.

For prospective buyers, Hodgkins recommends getting pre-qualified and acting quickly, viewing houses within the first or second day of market listing and placing offers on multiple properties to secure a deal.