The stock market took another hit after the Fed cut interest rates by half a point. Mortgage rates are already nearing all-time lows, but appear poised to continue to decline after the Fed’s emergency intervention.
Low mortgage rates increase Buyer spending power due to decreased mortgage payments. Buyers can now afford to buy more house and pay the same amount monthly, just in time for the spring market.
For current homeowners – it would be wise to review your current mortgage interest rate and evaluate the potential savings of refinancing. Rates have not been this low since the housing market crash in 2008.