Mortgage Rates Are Dropping – Is Now the Right Time to Buy a Home?
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Mortgage rates are finally starting to trend downward, sparking excitement among homebuyers eager to enter the market. The Federal Reserve has begun lowering short-term interest rates, with another rate cut anticipated before the year ends. Sam Khater, chief economist for Freddie Mac, notes, “Even a modest drop in rates has led to noticeably improved purchase demand.” With eager buyers watching the market closely, it’s natural to wonder: Is this the right time to make your move? Here’s a friendly guide to help you navigate the housing market and decide if now is the time to buy your dream home. What’s Happening in the Market? Mortgage Rates While we’re no longer in the era of sub-3% mortgage rates, today’s rates are still below the 52-year average of 7.72%, according to Freddie Mac. To put it in perspective, rates once soared to 18.63% in 1981! As the Federal Reserve continues its cycle of rate cuts, there’s a glimmer of optimism for homebuyers. To get started, use a mortgage calculato...