Many key factors affect mortgage rates, with global financial market trends leading the indicators. Rates dropped quickly this week according to this article: Mortgage Rates Drop Quickly as Market Panic Sets In, written by Matthew Graham, dated May 23, 2019.
The article states the net effect for mortgage rates has not yet been fully realized, predicting this will result in the lowest rates in more than a year.
With the combination of lower interest rates and declining home sales pressuring sellers to reduce prices, this is a great time to purchase a home!
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