Hey there folks, get ready to make a splash in the spring housing market as the average mortgage rate has dipped again! That’s right, for the fourth straight week, the long-term U.S. mortgage rate has dropped, making it a fantastic opportunity for prospective homebuyers to dive in and snag their dream home.
Despite the property supply remaining low, home prices seem to be taking a chill pill, which could lure buyers back into the market. The average rate on the benchmark 30-year mortgage has fallen to 6.28% from 6.32%, giving many a reason to rejoice. Last year at this time, the rate was 4.72%, so you can definitely see why the recent dip is good news for all you home-buying hopefuls.
In the fall, the average long-term mortgage rate hit a whopping 7.08%, making it a two-decade high. But now, with rates falling and the housing market leveling off, it’s time to make a splash and take the plunge into the world of homeownership. And if you’re worried about the rising borrowing costs, fear not! The recent dip in mortgage rates has got you covered.
So, get ready to soak up some sun and take a dip in the spring housing market. The national median home price has even slipped 0.2% from February last year to $363,000, marking the first annual decline in 13 years. And with the Fed only planning to raise the key rate once more, from its new level of about 4.9% to 5.1%, it’s time to take advantage of these low mortgage rates while you still can.