According to recent Freddie Mac data, mortgage rates are on a downward trend, hovering just below 7%. To provide insights on this development and its implications for the housing market, Melissa Cohn, William Raveis Mortgage regional vice president joins Wealth!
Cohn observes that the dip in rates has sparked "more enthusiasm from buyers," with many potential homeowners viewing this as "a good time to buy." This renewed interest is fueled in part by anticipation of a potential Federal Reserve rate cut come September, which could further impact mortgage rates.
Examining on the current housing market dynamics, Cohn explains, "When interest rates are high, there are fewer buyers in the marketplace because of the affordability issue. So now is probably a great time to get into the market and purchase." She highlights an advantage for buyers in the current market, noting that "as rates do come down, you still have the opportunity to refinance, but the cost of entry is definitely declining."
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