Mortgage rates drop to lowest level in nearly a year
Will lower mortgage rates heat up the housing market?
Right now, mortgage rates are at their lowest level in nearly a year.
Last week, the average rate for a 30-year fixed mortgage fell to just above 6.5%.
RELATED: Average rate on a 30-year mortgage drops to lowest level since October
M & M Mortgage in Roseville is telling clients to buy now because they say if rates continue to drop, prices and competition for homes will increase.
“I always say date the rate, marry the property,” Michael Kopiecki with M & M Mortgage said. “The point is you got to be patient, but now is the time to do it. Not when everyone is jumping in at the same time.”
While falling interest rates are better for buyers, home prices across the country continue to rise. The national median home price is now about $400.000, about a 2% increase compared to this time last year.
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