09/19/2024

Mortgage Rates are Coming Down

Homebuyers are ready to pounce

For Americans mulling a home purchase, this week’s interest rate cut meant just one thing: It's time to get back in the game.

The Federal Reserve lowered interest rates by half a percentage point on Wednesday, the first rollback in four years. Average mortgage rates, which peaked at 7.8 percent last fall, have since dropped to 6.09 percent.

And near Boston, real estate broker Dana Bull’s phone is buzzing nonstop. Sidelined home buyers are dusting off mortgage pre-approvals and lining up homes to tour. Others, who bought in the past year, are asking when they should refinance.

Please select this link to read the complete article from The Washington Post.