Interest rates on mortgages are trending downward, which is good news for home buyers and the rest of us too. Rates were at around 7.75% a month ago and are currently averaging 7.22%. [FreddieMac Mortgage Rate Surevy]
The rates are still ridiculously high and should give responsible home buyers reason to pause and consider.
In last week’s real estate news, there were a lot of headlines about “falling mortgage payments”. High-interest rates indeed translate into high monthly mortgage payments.
When rates go down so do monthly mortgage payments, however, if you currently have a mortgage your payments are not going to go down. They will stay the same.
Right now there isn’t anything about housing that is affordable or more affordable.
