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Are Lower Mortgage Rates Bringing Buyers Back?

  • January 8th

by UrbanTurf Staff

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Mortgage rate chart_01-08-26.png

It appears that lower mortgage rates may finally be moving the needle with homebuyers. 

Freddie Mac reported 6.16% as the average on a 30-year mortgage on Thursday, up one basis point, but still at the lowest point for rates in a year. That movement lower appears to be luring buyers back to the market.

“The combination of solid economic growth and lower rates has led to improving momentum in for-sale residential demand, with purchase applications up over 20% from a year ago,”  said Sam Khater, Freddie Mac’s Chief Economist. 

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: interest rates, mortgage rates

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/are_lower_mortgage_rates_bringing_buyers_back/24200.

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