- Video shows new homes being built in south Omaha.
- Rising inflation and tariffs have made homeownership less of a priority for many, but a recent drop in mortgage rates is encouraging renewed interest in the housing market.
- As of March 27, 2025, the average 30-year fixed mortgage rate is 6.65%.
- Real estate experts recommend that prospective buyers act now, with the flexibility to refinance if rates drop more in the future.
BROADCAST TRANSCRIPT:
The housing market is always evolving, and for years, we've watched mortgage rates soar since 2022. But now, there's been a slight drop, catching the attention of both buyers and sellers.
With rising prices, many are finding that buying a home has been pushed further down their list of priorities. However, recent data suggests that now might be the best time to enter the housing market.
"The market has absolutely picked up, and I think a key factor is the drop in interest rates," said Farah Altwal. "They haven't dropped exponentially, but the change still makes a difference."
As of March 27, 2025, the average 30-year fixed mortgage rate is around 6.65%.
"The market is always active; there's always a demand. But right now, things have definitely picked up," said Altwal.
Farah Altwal, a real estate agent with Berkshire Hathaway, says they're seeing a significant increase in interest from prospective buyers.
"We— it was reported that there was a 20% increase in mortgage applications," said Altwal.
Altwal explains that most buyers are often hesitant due to high interest rates. So, seeing a drop in rates and a surge in mortgage applications is a positive sign for the real estate market.
"If being a homeowner is your dream, get into the house," said Altwal. "We say this a lot in real estate: 'date the rate, marry the house.' You can refinance if, let's say, the interest rates drop a little more," said Altwal.
Altwal also mentioned that mortgage rates hit anall-time low during the pandemic, and given the current state of the economy, the current rate could actually be ideal for first-time home buyers looking to purchase.
