“Mortgage Rates Fall Below 4%, Lift Hopes”
With the mortgage rates dropping below 4% for the first time since early 2018, this adds hope the housing market is improving.
Lower interest rates make mortgages affordable for first-time buyers. Lower rates should “give a boost to the housing market, which has been on the upswing.” said Sam Khater, Fredie Mac’s chief economist, citing home-sales data.
“Unlike earlier this year, there is no backlog of buyers waiting to enter the market, and a slowing economy is preventing homebuying sentiment from rising from 10-year lows.” Analysts at Capital Economics wrote.
Now is the time to refinance or purchase your first home.