Mortgage Rates Are Dropping - It's a Great Time To Buy!
By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Last year, the Federal Reserve took decisive action to combat rising inflation. In response, mortgage rates skyrocketed from the record lows seen in 2021, reaching a peak of 7% in October. This sudden surge in rates had a detrimental effect on potential buyers' purchasing power, leading many to put their plans on hold.Today, the rate of inflation is beginning to decline, resulting in mortgage rates dropping below last year's peak. This is great news for potential homeowners, as it means they can take advantage of more affordable rates. That's potentially excellent news for buyers looking to re-enter the housing market. A decrease in mortgage rates can significantly increase your purchasing power by reducing your expected monthly mortgage payment. This means that the lower mortgage rate...
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