3 homebuying advantages to consider this June

Mortgage interest rates have declined slightly in the opening days of June, giving buyers a glimmer of hope that conditions could improve again. After dropping below 6% multiple times in recent months, rates consistently rose in the final weeks of May and, by May 21, the average rate on a 30-year term sat at 6.62%. 

While today’s average of 6.49% may not be much better, it’s a step in the right direction for borrowers who have been stuck on the sidelines in recent years. And, with some time spent shopping around online for lenders, qualified borrowers with good credit scores may be able to track down rates that are even lower. In other words, there are still ways in which to secure a mortgage rate under 6% this June.

That’s a good thing for buyers looking to re-enter the market. But it’s not the only timely advantage they may want to consider this month. In today’s unique economic terrain, there are actually multiple advantages buyers should know about. Below, we’ll break down three others worth understanding further this June.

Start by seeing how low a mortgage rate you can qualify for here.

3 homebuying advantages to consider this June

While a mortgage interest rate around 6% may not feel advantageous now, especially compared to the record lows many buyers were offered at the start of the decade, rates today are around what they were in decades past. And there could still be benefits to buying a home right now. Here are three specific ones to consider:

Less competition among buyers

Borrowers accustomed to the low mortgage rates from 2020 to 2022 may instinctively turn away from the rates that are currently available, even for qualified buyers. But that could result in less competition for those willing to continue with their homebuying plans now, even with rates that are less than ideal. 

That means shorter or no waiting lines at open houses, a decline in potential bidding wars, and more time to think through your options versus having to rush to make an offer the same day you first saw a home. And, this June in particular, with the school season coming to an end in many parts of the country and vacation plans increasing, competition is already decreasing. Take advantage while you can.

Get prequalified for a mortgage loan online today.

More room to potentially negotiate

If fewer buyers are waiting to see the open house and fewer phone calls are coming in to real estate agents, then, naturally, sellers may be more open to negotiating the price down. And that could help offset some of the higher costs associated with today’s elevated mortgage interest rates. 

While this will largely be dependent on the home, seller and the market in which the home is listed, it’s still a distinct possibility that buyers shouldn’t discount. Keep an eye, too, on the length of time that homes are on the market, as those sellers who just listed their home are less likely to negotiate versus those who have had the home up for weeks and months (and who have already cut the price to entice buyers).

Seasonal timing that benefits buyers

The official start to the summer may just be days away, but the benefits of the spring homebuying season remain strong this June. Seasonal timing here can still benefit buyers as it’s simply easier to see houses in person and complete inspections when the weather is warm than it is in the middle of winter. 

For families, some strategic timing now may allow them to complete the closing on the home they want to buy over the summer, which will permit them to move into the new home before the next school year commences. The timing may not line up perfectly, but with a little luck and coordination between buyer and seller, now could be an ideal time to get started.

The bottom line

The mortgage interest rate climate buyers find themselves in this June isn’t perfect. But it’s still a bit improved from recent years and, with the right strategic approach, buyers can potentially find a home in their budget now. And with less competition to contend with, sellers who may be more willing to negotiate and seasonal timing that may allow for less disruption for families versus other times in the year, it can still make sense to act now. Consider starting by reviewing your mortgage rate options online now; that way, you’ll know exactly how much home you can actually afford.