Mortgage Rates Drop, Property Tax Hikes Loom

Mortgage rates have seen a modest decline, with the 30-year fixed rate now at 6.55% and the 15-year fixed rate at 5.83%, due to weaker-than-expected economic data supporting bond markets. Despite economic uncertainties, these reductions could encourage potential homebuyers as the spring buying season begins. However, in regions like Noida and Mumbai, proposed hikes in circle and ready reckoner rates are expected to increase property acquisition costs, affecting homebuyer sentiment and potentially slowing sales. These rate adjustments aim to align with market values but come at a time when the real estate market shows signs of a slowdown due to oversupply and economic pressure. Overall, while current mortgage rate trends offer opportunities for buyers, regional property tax hikes present additional challenges.