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Recently,mortgage rateshave begun to drop.
Historically, lower interest rates mean more affordable housing, causing many to consider making a big purchase.
Some Buyers Wont Sell
Just because interest rates drop doesnt mean every property will suddenly be available.
Buying and selling propertiescan take a long time, meaning the market will take a while to shift.
This, in turn, delays the effect of the lowered rates.
When rates are very low, its best to get a fixed-rate mortgage that lasts 15 or 30 years.
Currently, its difficult to predict if rates will continue to fall or if they will rise again.
Because of this, Orman said to consider an adjustable-rate mortgage.
Adjustable rates rise and fall with the market, which can be a positive or negative for the buyer.
If you get an adjustable rate and it drops significantly, Orman suggested refinancing your mortgage.
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