PLAIN CITY, Ohio — Mortgage rates have dropped for the first time this year. The interest rates for a 30-year mortgage dropped a little bit from 6.88% to 6.78% on Tuesday

The lower rates may be attractive for those homebuyers who have been patiently waiting on the sidelines to jump into the market, but the reality is, lower interest rates come at a time of economic distress.

Realtor Steve Smith said the spring market from the greater Columbus area is here. Lower interest rates giving once hesitant homebuyers a final push. 

“It’s definitely become a much hotter market,” said Smith. “January, only three closings. February, 17 just from my team personally.” 

Despite President Trump’s trade wars sending stock markets into a scramble, this week total mortgage application volumes jumped 20% according to the mortgage bankers association. Lender, Sebastian Starud, said his office is seeing the same spike.

“Recession is not a good thing by any means, but for mortgages, it is because mortgage rates go down when the financial world essentially is moving the wrong way,” said Starud. 

Starud believes this is a great time for buying.

“Well supply and demand,” said Starud. “If you’re waiting until everyone else joins the market, you’re competing with 20-30 other people.” 

Another risk with waiting, rates could go back up, but the market is unpredictable, thousands are losing jobs and inflation is rising. 

“We don’t know where they are going to go,” said Starud. “There’s a lot of moving puzzle pieces in the world right now that we just don’t know where they’re going to land on.” 

Experts say if buying, stay within your means, and always have a financial backup plan.

“My advice would be not to wait,” said Smith. “The spring market is now.” 

Earlier this month, Federal Reserve Chair, Jerome Powell, indicated the Fed will not rush to lower interest rates. The central banks policy committee is deciding interest rates on March 18.