Mortgage Rates are Dropping – Increasing Buyer’s Purchasing Power

Mortgage rates continued to decline! While mortgage rates do not directly follow moves by the Federal Reserve, this first cut in over four years had an impact on the housing market. Declining mortgage rates over the last several weeks indicate this cut was mostly baked in and may even fall further.

The recent drop in mortgage rates increases a buyer’s purchasing power – it is better than it’s been in almost two years AND there are more houses to choose from.

The chart below shows the mortgage rates affect in payment.

View rates at Freddie Mac

Gena Glaze