The housing market has borne the brunt of the Federal Reserve’s aggressive interest rates.
But mortgage rates are now on a downswing, with the average 30-year fixed mortgage slipping to 6.09% as of last week, according to Freddie Mac. That’s down from a peak of over 7% in November.
“Interested buyers are out there,” Odeta Kushi, First American Deputy Chief Economist, wrote in a statement. “From a financial perspective, the decision to buy a home comes down to a payment-to-paycheck calculation, and lower rates may help to reduce the mortgage payment while higher incomes can increase one’s monthly paycheck.”
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