Mortgage Rates Plummet, Reviving Housing Market

The average interest rate for a 30-year mortgage dropped by 0.08% to 6.95%, bringing it below 7% for the first time since August. While this change may encourage some hesitant first-time buyers to enter the housing market, others may wait to see if rates continue to fall. The decrease in rates could result in significant savings for those buying now compared to a month ago. However, real estate professionals caution that even with lower rates, affordability remains a major issue for many potential buyers.