Mortgage Rates Just Hit a 4-Month Low, but Do Homebuyers Even Notice—or Care?
Recognize that media outlets and social media influencers are competing for scoops and eyeballs. As a result, their reports sometimes exaggerate issues, don’t tell the whole story, or get it wrong…. And the same thing can be said about the local housing market.
Mortgage rates are down again this week, which means things are looking up for homebuyers.
The average rate for a 30-year fixed-rate mortgage ticked down 2 basis points to 6.13%, according to Freddie Mac, continuing a pattern of rates seesawing lower since topping 7% in the fall. In fact, mortgage rates are at their lowest levels since mid-September 2022.
Yet, while lower borrowing costs are a boon for…