The simple answer is that money is getting cheaper to borrow. The average contract interest rate for a 30-year fixed-rate mortgage fell to 6.30 percent.
The data gives us even more insight into how people are reacting to these lower rates. It’s not just that they’re borrowing, but how they’re borrowing that tells a story.
The breakdown of government-backed loans also reveals some interesting, real-world impacts on the market.
This is your green light to re-engage with the market. A drop from 7% to 6.30% on a $400,000 loan can save you over $200 per month, significantly increasing your purchasing power
Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments – a nationwide provider of turnkey cash-flow investment property.