A decline in mortgage rates and a drop in house prices is giving buyers a potential path to securing path to homeownership after months where the cost of home loans and expensive houses made purchasing property beyond the reach of a lot of Americans.Mortgage rates fell to their lowest state in more than a year, according to Freddie Mac, averaging about 6.50 percent for the week ending August 8.
Agents have noticed rising activity during showings as buyers see glimpses of opportunities in the housing market.'Many of the buyers I'm working with are excited because they've been casually house hunting for a year, waiting for rates to come down before they make an offer. Now a lot of those buyers want to get in now, before rates get too low and cause more competition,' Redfin Premier Agent Shoshana Godwin said in a release.
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