(Photo by ROBERTO SCHMIDT / AFP) (Photo by ROBERTO SCHMIDT/AFP via Getty Images)Another drop in mortgage interest rates caused a run on loans last week.
Mortgage rates were about half a percentage point (52 basis points higher) one year ago.
Nakita Bell, who is currently renting in Detroit, said the recent drop in rates prompted her to consider buying.
Lower rates are also giving some current homeowners an opportunity to save money.
While the vast majority of current borrowers have rates lower than those offered today, the recent drop is still having some effect on those whose loans carry higher rates.
Persons:
Homeownership, Joe Biden, ROBERTO SCHMIDT, Joel Kan, Nakita Bell, I'm
Organizations:
AFP, Getty, Mortgage
Locations:
Clarksburg , Maryland, Detroit