Mortgage rates have fallen to a nine-month low, according to Freddie Mac.
Prospective home buyers are responding. The number of mortgage applications have jumped by over 20 percent, a positive sign for home sales after they flagged this December in the Houston region.
MORTGAGE RATES: Mortgage rates fall, potentially helping home sales
“Lower mortgage rates combined with continued income growth and lower energy prices are all positive indicators for consumers that should lead to a firming of home sales,” wrote the mortgage-finance company in its most recent mortgage market survey.
The average rate for a 30-year fixed-rate mortgage fell to 4.45 percent, the lowest they’ve been since April of 2018, though they are still up 0.46 percent from the year before.