Average Mortgage Rate Drops in Recent Weeks
Good News for Homebuyers! In the past three weeks, Freddie Mac’s average 30-year fixed mortgage rate has seen a welcomed decrease of half a percent, breaking recent trends of increasing rates. Amidst fears of inflation and recession over the course of the past year, the average mortgage rate has fallen to 5.3% from an earlier rate of 5.7%. Experts expect this reprieve will help make homes more affordable, and according to Nadia Evangelou, an expert at the National Association of Realtors, “This translates to about $100 less every month on a mortgage payment.” This means an increase of purchasing power for homebuying consumers, especially Millennials, who comprise a large portion or recent purchases.
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