Mortgage rates have been steadily declining, providing some relief for homebuyers facing rising home prices.
The average 30-year fixed-rate mortgage is now about 1% lower than it was a year ago, with daily rates often even lower.
While this lower rate could help offset some of the increased cost of homeownership, it's important to realize that lower rates alone may not fully compensate for higher home prices.
With careful planning and consideration, lower mortgage rates could make buying a home more achievable, especially for first-time homebuyers.
