For anyone waiting for home prices to drop before making a buying decision, there is good news.
The recent plummet in mortgage rates means that home prices, effectively, just took a big dip.
Rates have gone down by 1% in the last 45 days which means that a prospective home buyer’s payment is 10% less today than what it would have been at the end of October.
For example, the Principal and Interest payment for a $500,000 loan is $341 less today than what it was 45 days ago.
So, from a buyer’s perspective, prices have gone down by 10% in a very short time.