According to Freddie Mac the 30-year fixed-rate mortgage fell to its lowest level since mid-March.

Dropping 12 basis points from last week.

The Federal Reserve continues to nod toward an interest rate reduction in September.  Buyers are celebrating- but they may not be happy with housing prices -even with an interest drop.

Typically when the cost of borrowing goes down the prices for real estate go up. 

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If you are a qualified buyer today and find a home- go for it.  Thinking a rate drop will lower your monthly payments may not pay off.