Hot on the heels of the Fed announcing another interest rate increase, data has come in showing that mortgage rates have decreased for the fifth week in a row. This is a timely reminder that the Fed does not set mortgage rates, individual banks and lenders do, and that’s why it’s vital to work with someone shopping your mortgage amongst multiple banks and lenders.
Concurrent to that, our internal data shows that mortgage applications rose last week as buyers looked to take advantage of the lower rates.
The Mortgage Bankers Association expects mortgage rates to continue their downward trend, which should help encourage more buyers to enter the market.
Lower rates mean more buyers can afford a home, and with the current low real estate inventory, this could be a big boost to the housing market. If you’re in the market for a home, now may be the time to act.