What Lower Mortgage Rates Mean If You’re Buying a Home
You'll have more room to compare quotes, check your rate lock and maybe even refinance
After a difficult spring, home buyers recently got some surprising good news: Mortgage rates, which had been at their highest level in a decade, are suddenly a lot lower.
In mid-June, the average rate for a 30-year mortgage was nearly 6%, according to Freddie Mac—roughly double what rates had been for much of 2021, making the prospect of buying a home much more expensive.
Since then they’ve largely changed direction, with the average rate briefly dipping below 5% before edging up to about 5.2%. And if you are buying a home right now that could give you significantly more breathing room.
Here’s what these lower rates mean for you, according to mortgage experts, wherever you are in the home purchasing process.
article by WSJ