Interest Rates Fall to 13-Month Low

Kelly Crowther

Mortgage rates have fallen to a 13-month low, and buyers are taking advantage of the opportunity. Particularly, the low interest rates have fueled activity in the home market. According to research from Freddie Mac, mortgage interest rates fell to 4.3% in March for a 30-year fixed rate structure. Now, homebuilders are emphasizing the low interest rates in marketing tools, and sales at home communities have increased, especially for new millennials.

“We are starting to see the lower interest rates attract people that were sitting on the sidelines,” Kelly Crowther, sales manager at Loan Depot, who originates loans for Brookfield Residential in Southern California, tells GlobeSt.com. “Where previously some had been in a wait-and-see stance, they are now re-entering the market. This is especially true in communities such as New Haven, developed by Brookfield Residential in the Ontario Ranch masterplan. Here there is a wide-range of entry-level homes attracting buyers, including a large share of millennials and other first-time buyers.”