But…….while 6.09% may be the “lowest since 2022” for the purpose of making news headlines this morning. In reality it’s not a significant change. As we continue to hover in the low 6’s. Better = yes, slightly improved = yes, will it move buyers that found and love a house to buy in the last week = yes.
Is it substantial for the long term= No. There was a time when these rates worked but then home prices increased significantly. 6% does not work on what is now a half million dollar house for many people. Yes housing prices have dropped in much of the country (Florida , Texas,etc). Yes for much of Richmond metro housing prices have leveled out and even dropped slightly in some neighborhoods, areas of counties etc.
“But …………..”