Many Vermont real estate professionals are hoping a drop in mortgage interest rates will spur a wave of home buying in early spring.
Chris D’Elia of the Vermont Bankers Association says mortgage rates have fallen from around 6 percent to about 5 percent.
Meanwhile, some Vermonters are taking advantage of the lower rates by refinancing their mortgages, potentially saving hundreds of dollars a month in interest charges.
The drop in mortgage interest rates was prompted by a decision by the Federal Reserve to cut its benchmark interest rate to nearly zero as a way to make it cheaper for Americans to borrow money.
D’Elia says it’s too soon to say if the rate will get people back into the real estate market.