What is going on with mortgage rates? Mortgage rates have dropped recently to as low as 4.06% and some lucky home buyers were able to lock in 3.99% recently. This will jump-start the spring market even though many are predicting a recession is coming soon.
Many buyers that were priced out of the market when mortgage rates rose may now be able to get back into the market with the recent drop in rates. This is also great for private mortgage companies who may have seen a decline in customers with the higher interest rates.
Lower mortgage rates also mean more people refinancing trying to lock in a lower rate.
With a rise in house prices, a lower mortgage rate can be a game-changer for many buyers and get them back into the housing market.
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