Mortgage rates are finally experiencing a drop, as demonstrated below with the average 30-year fixed-rate mortgage graph. This will come as a relief for many homeowners and prospective buyers. With lower mortgage rates, homeowners who have been waiting to refinance can now do so in order to increase their disposable income and encourage economic growth. First-time homebuyers can also take the leap from apartment to home while lower mortgage rates are within their reach. Increased first-time home buyer activity results in a higher consumption of goods, and given that consumption accounts for 70% of the U.S. economy, this will further stimulate economic growth.
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