Mortgage rates are falling, what buyers should know

SIOUX FALLS, S.D. (KELO) – Some good news for anyone looking to buy a house right now — mortgage rates are falling. The rate on a 30-year fixed loan is now around 6.46 percent, which is down from the seven percent highs we saw last year.

“This is the lowest they’ve been probably in the last couple of years,” Brian Fopma, a mortgage banker at Reliabank, said.

Fopma says there are also some other positive factors in the housing market right now including more inventory and lower prices.

“So it’s a good time, a good opportunity for somebody to shop for a house,” Fopma said.

And you might want to act fast before demand goes up.

Ostrich in traffic near 26th and Louise

“Two, three years ago we saw a lot of competition, multiple offers out there,” Fopma said. “Maybe a house would go on the market and it would have 20 offers on it right away and we’re just not seeing that right now. But still a good market for sellers but it’s not as crazy.”

For anyone shopping for a house, Fopma has this advice:

“There are some good opportunities right now through South Dakota Housing, that’s our state’s housing authority,” Fopma said. “There’s a Grants for Grads program for recent graduates where they can get grant money at a really good interest rate and other programs as well. So just talk to your banker and see what’s best for you.”

Fopma says lower mortgage rates are also good for any current homeowners wanting to refinance.