Mortgage Rates Drop, Giving Homebuyers Needed Relief But Housing Market Still Faces Headwinds
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Mortgage rates have fallen from over 8% in October to around 7.4% currently, providing some relief for homebuyers.
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Lower rates mean monthly mortgage payments are reduced. A $300,000 loan at 8% has a $2,214 payment vs $2,077 at 7.4%, a $167 monthly saving.
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Rates may continue to fall, potentially reaching 7% in a few months and 6% by spring.
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But high cost of living and household debt still strain consumers. Pending home sales and new listings are down in Seattle.
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To get the lowest rate, shop around and boost your credit score as much as possible.