Mortgage rates are dropping, what does that mean if you’re buying a home? – WFTV

ORLANDO, Fla. — Over the last few weeks, mortgage rates have dropped, showing the largest decline since 2008.

However, mortgage rates are still significantly higher than this time last year.

Today, rates are about 5.75%.

David Francetic, a broker associate in Winter Park, told Channel 9 that buyers are better off now than they were a few weeks ago.

“Inventories have actually started to increase a little bit. Multiple offers are slowing down,” Francetic said. “It’s a good time.”

Meanwhile, some home buyers aren’t feeling better off.

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“With the mortgage rates dropping, it still doesn’t help because the prices are through the roof. Houses that used to be $260,000 are now $400,000,” said home buyer William McKnight.

McKnight told Channel 9 that the last time he talked to his real estate agent was March and he says he’s pretty much given up on finding a home in Central Florida.

“I’m going to have to move. I have no choice,” McKnight said. “I’ve been renting since I was 18. I’m now 38, turning 39.”

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Francetic said that he had heard the same frustrations from others.

“It’s unlike anything I’ve ever seen in the business,” Francetic said. “Nobody is paying the asking price anymore. Everybody is paying more than the asking price.”

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