Hydrogen rates fall. Here’s how much revenue you now need to buy a house for $ 250,000, $ 400,000 and $ 1 million.
The mortgage rates have fallen for the sixth week in a row, offering some financial relief to potential buyers of homes.
The 30-year mortgage rate was 6.76% of February 27, which is the lowest rate in more than two months, the weekly data of Freddie Mac show. The rates reduced 9 base points compared to the previous week, and of 6.91% of January 2.
Hydrogen rates are declining because investors weigh reports on slowing down of the American economy and the possibility of reducing the ratio of federal reserves. The 30-year mortgage rate usually grows and falls in tandem with a yield to a 10-year-old cash register BX: Tmubmusd10y, which has been falling lately.
“Although the slowdown economy may not seem like a good thing, the lower rates can give the housing market a shot in the hand that is so desperately needed,” said the chief economist Lisa Sturtevant, the main economist in Bright MLS.
Buying houses in recent years has been decaying in the weight of high interest rates. In January, there was a decline of 4.6% of the number of contracts signed to buy homes compared to the previous month, according to the National Real Estate Association. The sale of the house that is ongoing is now all the time, the industrial group said. Following on waiting for home sales activities since 2001.
“The fall of the mortgage rate, combined with modestly improvement of supplies, encouraging her to sign that consumers buy a house on the market,” said Khater himself, the chief economist of Freddie Mac Mac.
House prices have reached a record high last year, while mortgage rates have remained elevated, excluding many potential buyers from the market. People are still trying to afford to buy homes, so “even a slight reduction in the mortgage rate is likely to fire the interest of customers, given the increasing revenue, increased workpieces and more supplies choices,” Lawrence Yun, the chief economist in NAR, said in a statement of Lawrence Yun.
So how much money should you now make money to buy a home? Realtor.com provided some figures for help guiding potential homeowners. (Realtor.com manages News Corp Move Inc.; Publisher Marketwatch Dow Jones is also a News Corp branch)
