This article from The World Property Journal shares that interest rates in May have dropped down slightly. It is hard to say what will happen next but given Spring is the busiest time of the year for real estate, it might be the beginning of a new trend for interest rates. Check out the article and give me a call with any of your real estate needs.
Tim Houterloot - Broker/Realtor
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Source: The World Property Journal | Repost Houterloot 5/11/2023 -
Based on Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.39 percent in early May 2023.
"This week, mortgage rates inched down slightly amid recent volatility in the banking sector and commentary from the Federal Reserve on its policy outlook," said Sam Khater, Freddie Mac's Chief Economist. "Spring is typically the busiest season for the residential housing market and, despite rates hovering in the mid-six percent range, this year is no different. Interested homebuyers are acclimating to the current rate environment, but the lack of inventory remains a primary obstacle to affordability."
Read the full article...
