Mortgage rates are currently at 6.01% – a three-year low and many analysts see metro areas in the South and Midwest specifically which could really open up their housing market as current rates approach the seller’s rate.
The national median for outstanding mortgages is between 3% and 4% but five cities: Dallas, Memphis, Jacksonville, Cleveland, and Detroit generally have rates between 4.1% to 4.3%, meaning sellers there aare slightly more likely to put their homes on the market.