In October last year, mortgage rates soared to a two-decade high. Weekly rates hit 7.79% and daily rates hit 8.03%. It’s a little less than a year later and mortgage rates are plummeting, and it’s sort of unbelievable how close we’re getting to the famed magic number.
Whether it’s self-made real estate millionaire Barbara Corcoran, Robert Reffkin, chief executive of Compass, or Meredith Whitney, the “Oracle of Wall Street,” they all seem to agree on one thing: once mortgage rates fall to 6% or less, anyone waiting on the sidelines will reenter the housing world.
