Mortgage rates dramatically drop, what this means for homeowners and potential buyers in the Coachella Valley

Mortgage rates plummeted this week to the lowest level in more than a year. This could be good news if you're looking to buy a new home, or if you are thinking about refinancing your home.

According to mortgage financing corporation Freddie Mac, the 30-year fixed-rate mortgage averaged 6.47% this week. This is the lowest level sine May of 2023. Last week, the 30-year fixed-rate averaged 6.73%.

Abby Helfand, a Sales Manager for GHA Homes, says if you are a potential buyer, now is the time to close a deal. "So many times people wait for the rates to go down but what actually ends up happening, due to supply and demand, they end up having to pay more for the home," said Helfand.

Helfand also mentions that you can refinance your home after making a purchase. "I think what's going to happen is as rates go down, home prices will continue to go forward. Once you make the purchase, you typically have to wait 6 months before you can refinance."

And here in the Valley, buyers are excited. "The phones have been ringing," said Helfand. "And nationally there's only been about 4 months inventory supply. But in the Valley itself it's probably lower than that."

Stay with News Channel 3 to learn more about the current mortgage rates.