Housing Market Update: Biggest Crash in 40 Years
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Mortgage rates crashed by 47 basis points. Is the housing market turning around?
According to the most recent Freddie Mac survey, the 30-year fixed rate reduced this week to an average of 6.61%, down from last week's 7.08%.
Historically speaking, that’s a very big drop. It's the biggest tumble in 40 years. Not since 1981 has the market seen a crash like this in such a short period of time. Why?
The weaker inflation numbers last week seem to have crashed the mortgage rates and some lenders are seeing a significant increase in demand from home buyers for new mortgage loans.
Executives and loan officers are saying that it is too soon to suggest this is a turning point for the market.
What do you think? Check out the short video and share your thoughts in the comments.
🔴🔴 Got some quick questions? Get some 1:1 back-and-forth video message consulting with Matt Theriault at http://REIBizBoost.com
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