M
ortgage rates have been on a downward trend for seven weeks, making it easier for people to purchase homes. However, the current rates are still higher than they were just a few years ago.

    Real estate agent Stephanie Seacat notes that as mortgage rates continue to drop, there will be increased demand in the market. "Now is the time to buy and refinance down the road," she advises. According to Freddie Mac, the average 30-year mortgage rate has dropped from over 7% in January to 6.63% this week.

    Despite the decrease in rates, Seacat observes that fewer people are attending open houses, with only 5-10 visitors on a good day compared to last year's 10-15. She attributes this to higher price points and notes that local buyers are becoming more active in the market.

    Realtor.com reports an increase in available homes for sale compared to last year, which Seacat believes is due to locals buying up properties and putting them on the market. This shift towards local movement has led to a new trend of homes going pending, indicating a change in the market dynamics this year.