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Falling mortgage rates are improving affordability for homebuyers, who aren’t yet concerned about the volatility on Wall Street, CNBC reports.
While Wall Street panics about falling rates, Main Street is benefiting, especially in the housing market, according to housing guru Ivy Zelman.
Watch CNBC's interview with Ivy Zelman on the housing market from CNBC.
She says every quarter-point cut in mortgage rates is equivalent to a 3 percent drop in the price of a home.
“Right now housing prices are down for the consumer more than 10%, so it makes it much more affordable,” Zelman, told CNBC’s Diana Olick on Wednesday. “We are seeing very good activity, especially in the low end of the market.”
