The Downward Trend in Mortgage Rates is Good for Sellers
For homeowners contemplating selling but hesitant due to previously high mortgage rates, the current downward trend in rates is a welcome development. Since peaking at 7.79% last October, mortgage rates have consistently stayed below 7% for over a month (refer to the accompanying graph): While rates may not return to the exceptionally low 3% of the past ‘unicorn’ years, they are anticipated to decrease further in the near future. Dean Baker, Senior Economist at the Center for Economic Research, notes: “It also appears that mortgage rates are now falling again. They will almost certainly not fall to pandemic lows, although […]
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