PHOENIX (AZFamily) — If you’re looking to buy a home or refinance, mortgage rates are dropping to their lowest levels in nearly a year.

Right now, a 30-year fixed rate is 6.35%, according to Freddie Mac , but is there a chance rates drop below 6% in the coming months?

“I hope it’s the end of the year. I think most economists are predicting by maybe second quarter next year,” Matt Baker with Guild Mortgage said.

Baker says more people are reaching out to him to talk about possible refinancing options. As for new buyers, Baker says there is usually a lag.

“By the time the word gets out, the rates have improved…It might be 30-60 days later," Baker said. “So even though rates have become better in the last 30 days or so, it hasn’t really led to more buyer demand traffic, but yes, more

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