Mortgage rates have slipped and with the slip comes the opportunity for buyers to purchase their home before it becomes too expensive to do so once again.
"The 30-year fixed-rate mortgage averaged 4.63% in the Dec. 13 week, down 12 basis points and touching its lowest since September, mortgage liquidity provider Freddie Mac said last Thursday," according to Market Watch.
"The 15-year fixed-rate mortgage averaged 4.07%, down from 4.21%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.04%, down three basis points."
Buyers are also taking notice of the slips as the report shows home loan purchase applications are up 1.6% over the past couple of weeks. Purchase activity is picking up, making for quite the busy fourth quarter.
"Meanwhile, the rate reprieve isn’t the only tailwind for the housing market," according to Market Watch.
"Anecdotal evidence from home builders and real estate agents suggest that some of this autumn’s slump may have been buyers holding their breath before the midterm elections."
The real test will be the spring selling season where a greater number of homes should hit the market.
To learn more about the drop in mortgage rates and what it means for the current housing market, click on the image above.