Hopes that the domestic moving industry in the United States will see a better Spring and Summer season may have improved as mortgage rates fell to their lowest level since September 2022.
NPR reported that the average 30-year, fixed-rate mortgage hit 5.98% last week, according to a new report from the Federal Home Loan Mortgage Corp (Freddie Mac) falling below what real estate experts say is the psychological barrier of 6%. At their recent peak, the average rate was around 7.8% in October 2023.
Although rates are not dramatically less expensive than a week ago, a housing expert for the financial advice website NerdWallet, Kate Wood, said the drop below 6% could prompt Americans that have hung onto a lower mortgage rate to finally move home. “ There are people who are certainly going to reach that breaking point of ‘I love my mortgage rate, but my goodness, I cannot stand this house anymore,'” she said.