Home Inventories are up and mortgage rates are lower
The Maine housing market is shifting, and whether you're thinking about purchasing a home or refinancing your current mortgage, now could be a good time to act. Home inventories have nearly doubled since February, and mortgage rates have been declining, making the market more favorable for both buyers and homeowners looking to refinance.
The median sales price of single-family homes in Maine has dipped slightly from its June 2024 peak of $406,000, landing at $400,000 in August. While prices are still higher than they were last year, the market is starting to open up with more homes available for sale.
What does this mean for you?
Thanks in part to the Federal Reserve’s recent interest rate cut, 30-year mortgage rates have dropped by 1.5% since early 2024, now hovering just above 6%. If you’ve been priced out by higher rates in the past, this may be an opportunity to reconsider buying. Additionally, if you currently have a mortgage with a higher interest rate, refinancing now could save you thousands over the life of your loan by lowering your monthly payments or shortening your loan term.
Mortgage and Refinance Options at First National Bank
At First National Bank, we offer a variety of mortgage options, including:
- Fixed-Rate Mortgages: Lock in a stable interest rate, whether you’re purchasing a new home or refinancing your existing loan.
- Adjustable-Rate Mortgages (ARM): If you plan to move in a few years or expect interest rates to decline, an ARM might be the right choice for you.
- One-Close Construction Loan: If you're building a new home, this option converts to a permanent mortgage once construction is complete.
- Refinancing: Lower your interest rate, reduce your monthly payment, or pay off your mortgage sooner by refinancing at a more favorable rate.
Our team of experienced mortgage specialists can help you evaluate your options and find the right loan product for your needs. Contact us at 1-800-564-3195 or visit one of our branches to speak with a mortgage expert. Whether you’re buying your first home, refinancing, or looking to build, we're here to help guide you through the process.