Iowa mortgage experts see busy fall season with declining interest rates

After more than three years of increases, mortgage rates are now headed in the direction homebuyers like to see down. Good evening, I'm Jenae Town and I'm Katie Kaplan 30 year fixed mortgage rates are now dipping below 6% boosting buying power for people looking to make a move. Homeowners happy where they're at also have a way to save. WHO 13's Andy Pills joins us and rates are hitting a point where people are ready to take advantage of it. Andy, yeah, Jenae, eight straight weeks of declines. Now for mortgage brokers, this graph of 30 year fixed rate mortgages is well a little like a roller coaster you could see here. Downhill in the 90s, another plunge in the early 2000s. Then again after the recession and then once more at the start of the pandemic and now they're headed down again and for those in the business of home sales, the drops like roller coasters can be thrilling. In an industry that drives so many others, these are good sights and sounds. I would say we're busy and I mean really busy falling interest rates had mortgage brokers hustling this month, but then came last week's announcement from the Fed. We knew that they were going to talk. We knew that they were going to drop. We just didn't know how much they were going to drop for those who bought late last year. The feds half point slash should mean significant savings with a refinance and we're at high fives now. They 4% it's going to be 250 bucks a month on a $300,000 house. Those looking to buy now have more power to do so and Realtors say they're feeling the rush. We would anticipate a busier fall season than normal. More of a spring market here in the fall. Andrew to Phillips is cautioning buyers who are ready now not to wait too long. History shows. Interest rates come down. House prices go up if rates really drop. Buyers are to come back out in full force and that 250 home could be 275. Could be 300 by now refinance later. You've heard that line before, but this time. Maybe the later is sooner than you think. Well, it's important to keep in mind that there still aren't a lot of homes for sale here in the Metro. Until that starts to change, prices will stay relatively high. As always, the hope is falling. Interest rates will also encourage more people to sell as buying something new or surrendering that sub 3% mortgage rate won't be quite so painful today. Yeah, it's always a numbers game. Alright, thanks a lot, Andy.