The Federal Reserve has begun cutting interest rates, the number of homes for sale is growing, and sellers are reducing their asking prices. But. While incrementally improving, almost every metric of importance to a buyer in the single-family housing market today is worse than before the pandemic.
Is it a good time to buy a house? One of the first considerations for would-be home buyers is likely to be mortgage rates.
Of course, we are not in the glory days of sub-3% home loan rates. However, mortgage rates have fallen below their 52-year historical average. Based on data collected by Freddie Mac, the 30-year mortgage rate has averaged 7.72% since April 1971.
If it makes you feel any better, the highest mortgage rate on record was 18.63% in October 1981. However, with the Fed beginning a cycle of lower interest rates, there is a hint of optimism in the air.
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