Mortgage Rates Hit 5%: What Homebuyers Need to Know
Fort Wayne News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Mortgage rates on thirty-year fixed loans are plummeting, starting with the number five for the first time in three and a half years. This downward trend, initiated after peaking last May, is expected to continue through March. Lenders, confident in the market, are offering lower rates due to increased demand for mortgage-backed securities. Homebuyers noticed the shift in February, with averages dipping below six percent. Forecasters predict rates to remain stable, with Freddie Mac at six point zero eight percent, Fannie Mae at six point one percent, and the Mortgage Bankers Association at six point two percent. No dramatic changes are expected, setting the stage for more of the same in March.
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