If you’ve been holding off on buying a home because of high mortgage rates, you might want to take another look at the market. That’s because mortgage rates have been trending down lately – and that gives you a chance to jump back in. Mortgage rates have been declining for seven straight weeks now, according to data from Freddie Mac . And the average weekly rate is now at the lowest level so far this year ( see graph below ): While that may not sound like a significant shift, it is noteworthy. Because the meaningful drop from over 7% to the mid-6’s can change your mindset when it comes to buying a home. Especially when the forecasts said we wouldn’t hit this number until roughly Q3 of this year ( see graph below ): Why Are Rates Coming Down? According to Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), recent economic uncertainty is playing a role in pushing rates lower: "Mortgage ...
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