Great News For Homebuyers: US Mortgage Rates Drop For Second Straight Week
Great news for potential buyers! According to the latest report from Freddie Mac, the average 30-year fixed-rate mortgage has decreased slightly to 6.35%. This is a positive shift from the record-breaking rates of last year, which reached more than double the previous year's rates.
Moreover, the growth rate of inflation is slowing down and is expected to further decelerate throughout 2023, possibly leading to a further drop in mortgage rates. This news is a big relief for many buyers, particularly those in the market for a median-priced home.
Home buyers have already started taking advantage of the opportunity, as reported by the Mortgage Bankers Association. There has been a 5% increase in mortgage applications. So if you've been sitting on the fence wondering if it's still a good time to buy, wonder no more --it's time.