The market survey shows the average rate on a 30-year-fixed mortgage fell 8 points, from 6.09 to 6.01 percent, hovering in the same low range as most of 2022 at 6.02 percent. Housing Expert Lance Thrailkill says activity in the market will pick up. “It creates hype in the market; this is great going into Spring and Summer.” He said.
It not only helps affordability; it is also a good time for home renovators to make improvements to increase the value of their home. “Cash out refinancing are a nice option for people- especially if they are able to invest in their house to do some projects.” Thrailkill said.
The housing expert says he would like to see the rate move to the mid 5’s- allow more movement in the market. “This will help activity due to the timing going into the Spring and Summer.” He said. As sales increase, more families buy and sell when the kids are out of school.
He says although he would like to see the rates drop 5 more points, it’s a move in the right direction as first time home buyers are drawn to a lower monthly payment and the bottom line.
The lowest mortgage housing rate was 3.45 percent in January 2022. He says the challenge is some people think that’s realistic and they wait to buy- but it’s not. The lowest rate was 2.65 percent in January of 2021.