Why the first week of October may be the best time to buy a house

Potential homebuyers may want to wait until October to snatch up their new place. Specifically, the first week of October, according to a new report from Realtor.com. The group says homebuyers may be able to save $14,000 compared to the summer's peak price.

Yahoo Finance reporter Dani Romero dives into the details.

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This post was written by Stephanie Mikulich

Transcripción del vídeo

Mortgage rates have been declining since May.

When is it a good time to buy?

That's a good question, October.

According to Realtor.com, I found that the best time is between September 29 through October 5th.

Now buyers can save around $14,000 compared to summer sale prices.

They and there's also a 3037 percent more active listings available than the start of the year.

This also means that potentially less competition so home buying season this year has been pretty slow.

But mortgage rates are set to decline further as there's this expectation that the Fed will cut interest rates this month.

Now remember, the Fed doesn't set mortgage rates, but its policy moves influence the direction of where mortgage rates might go.

And Mortgage Bankers Association reported that mortgage rates have hit the lowest level since February of last year.

So overall mortgage rates have been on this downward trend since May of this year.

Brad.

All right, our finances on Danny Romero.

Danny, thanks so much.

Tracking all the data and I guess October October we'll have to mark off some of those weekends, huh?

All right.

Thanks so much.