CHICOPEE, Mass. (WWLP) – A first-time homebuyer Spanish session hosted by Greenfield Cooperative Bank Tuesday night helped the Latino population, who make up a significant portion of the real estate market, gain a better understanding of the home buying process.
Industry experts talked about financing and legal options for buying a home, including what a preapproval does for you, how to shop for a house, and how to close a deal. According to a realtor we spoke with we’re still in a very competitive market, despite interest rates hovering 7 percent.
“It’s a great rate, you know, compared to when maybe our parents purchased years ago or even anyone that purchased, you know, quite a few years back, it’s still a good rate,” said Realtor at Berkshire Hathaway HomeServices, Judy Nevarez.
Experts say there could be a Fed rate cut on the horizon for September to make interest rates drop.
Assistant Vice President and Mortgage Loan Officer at Greenfield Cooperative Bank, Victor Rodriguez tells 22News we’re also seeing an uptick with the 10/1 adjustable rate mortgages. “They offer a bit more flexibility with payment and longer term to be able to refinance down the road,” said Rodriguez.
In June, nearly 5,500 single-family homes were sold statewide, up from 4,300 last year, according to Massachusetts Association of Realtors.
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Kayleigh Thomas
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