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"The 30-year fixed-rate mortgage continues to tick down," writes Freddie Mac in its weekly mortgage rate report released Thursday. Indeed, the average weekly 30-year-fixed rate mortgage now sits at 6.64%, down slightly from the week prior, and more significantly down from the above-7% rates we saw in January.
That said, what happens next for mortgage rates? We asked four pros.
"We're experiencing the lowest rates in several months. Give it [getting a mortgage] a shot," says National Association of REALTORS® Chief Economist Lawrence Yun.
Meanwhile, Yun predicts mortgage rates will hover at 6.5% in April, the lowest since the November election. Indeed, the 30-year fixed-rate mortgage has stayed under 7% for nine consecutive weeks according to Freddie Mac.
Another thing Yun points out that’s worth considering right now is that mortgage rates can suddenly rise if there is a movement to get rid of Fannie Mae and Freddie Mac. "Reforms and bringing them out of conservatorship is fine but not elimination," says Yun.
Dips in mortgage rates, even short ones, encourage home sales.
Even a slight drop in rates will bring more buyers to the market. "There are consistent signs that more supply is also reaching the market. This is good for buyers and sellers to see a deeper and wider market," says Yun.