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The Hood Magazine

Mortgage Market Trends

Aug 23, 2021 07:08PM ● By Dawn Van Nieuwenhuyzen, Plains Commerce Bank Senior Mortgage Banker

If you’ve been house hunting, you know how the market has been moving quickly! Things change fast, and it can be hard to keep up with everything that’s going on. Whether you’ve been looking for a long time or you’re just starting your homebuying journey, I’ve put together Four I’s to help you as you move along.  

Inventory: Houses are still moving fast, but there are more choices becoming available each week. Right now, there are 184 homes available between $150,000 to $500,000 range*. Even though the market is changing quickly, you have more choices now. 

Incentives: Three or four years ago, it was very easy to get the seller to pay your closing costs, but unfortunately that’s not the environment we’re in right now. However, there are some great new programs that will help with both closing costs AND down payment, so first-time homebuyers do not need to be afraid to buy. South Dakota Housing offers both closing cost and down payment assistance.  

Interest Rates: Interest rates remain low and are expected to hold there, especially with fears in the economy resurfacing (fears of inflation, COVID-19, etc.). So, we are expecting the low rates to continue in the short term. 

Inflation: We have been hearing this word more and more lately. Did you know that inventory and interest rates go together to affect inflation? Low interest rates cause increased demand, which increases need for supply, but we often also see it results in inflation.** 


*At time of publication. Credit: Realtor Association of the Sioux Empire, Inc. 

All credit and loan products are subject to credit approval. Loan programs subject to qualification. Plains Commerce Bank NMLS #463950 

Dawn Van Nieuwenhuyzen – Senior Mortgage Banker – NMLS #21096