Mortgage rates are now at 6.5%, more than one percentage point lower than last October, according to the Federal Reserve Bank.Other experts anticipate rates will drop another full percentage point by year's end.The real estate and mortgage website Redfin expects lenders to reduce interest rates by as much as half a percentage point next month."They're gonna continue to do it next year," said mortgage broker Robert O'Malley of PreferredRates.com.
However, given that homes often take months to sell, those ready to sell will likely find buyers."If you can lock in the price of your home, that will never change. An interest rate can change and you can work on that later," said Shatter.
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