The Federal Reserve announced an emergency rate cut on Tuesday, March 3. According to lender Freddie Mac, the average 30-year fixed-rate mortgage has fallen to 3.29% from 3.45%. That's the lowest level in almost 50 years of the Freddie Mac survey.
While experts say the record rate drop makes it a good time to buy, home prices have risen recently.
Financial planners say individuals who already own a home may want to see if refinancing their current property could benefit them.