Older homes often come with plenty of character and possibly even a lower price. But buying a home that has been around for a while can also mean dealing with age-related problems.

RISMedia’s HouseCall has tips during the home inspection process for home shoppers to watch for before purchasing an older home, including:

Watch for electrical issues.

Older homes could have dated wiring and electrical panels that may not be able to keep up with today’s needs, so be sure to check that that the house is up to code. Also, insulation on old wiring can pose a safety hazard, RISMedia’s HouseCall warns. Have an electrician look over the home to be sure everything is in order.

Carefully inspect the roof.

In general, roofs often need to be replaced every 10 to 20 years. Learn the last time the roof was replaced and how it was done. Some homeowners may just add new shingles on top of the old roof, which is not viewed by housing experts as the best way to replace an entire roof. Also, check for loose shingles, leaks, and the type of materials used on the roof. “A composite shingle roof will cost less to replace than a clay tile or slate roof,” RISMedia notes. “The pitch of the roof can also drive up costs—a roof that is particularly steep may be challenging to replace and repair.”

Check the foundation.

Address any potential foundation issues immediately. Older homes could have foundations that are cracked, sunken, uneven, or otherwise in need of repair. A structural engineer can closely inspect a foundation and alert you to potentially costly problems.

Check for lead paint.

Older homes may have lead paint, which can lead to serious health problems. It was banned in the U.S. in 1978, but homes built before then may still have it. In fact, about 87 percent of homes built before 1940 contain lead-based paint, according to RISMedia. Make sure that it is professionally removed.

Read about more potential issues to watch for in an older home at RISMedia.

After weeks of moderating, mortgage rates moved up slightly this week. But aspiring home buyers may be able to breathe a sigh of relief: Freddie Mac economists revised their forecasts this week to predict 30-year fixed-rate mortgages to average below the 5 percent threshold for at least the next two years.

That will bode well for the housing market, which has become very rate sensitive. With mortgage rates slightly up this week, purchase applications for mortgages fell this week after soaring early this year, notes Sam Khater, Freddie Mac’s chief economist.

“However, softening house price appreciation along with increasing inventory of homes on the market—and historically low mortgage rates—should give a boost to the spring home buying season,” Khater says.

The following are the national averages with mortgage rates for the week ending Jan. 31:

• 30-year fixed-rate mortgages: averaged 4.46 percent, with an average 0.5 point, rising from last week’s 4.45 percent average. Last year at this time, 30-year rates averaged 4.22 percent.
• 15-year fixed-rate mortgages: averaged 3.89 percent, with an average 0.4 point, increasing from last week’s 3.88 percent average. A year ago, 15-year rates averaged 3.68 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.96 percent, with an average 0.3 point, rising from last week’s 3.90 percent average. A year ago, the 5-year ARM averaged 3.53 percent.

The Federal Reserve voted to leave interest rates unchanged Wednesday and signaled that it’s not in any hurry to resume raising rates in 2019. Fed Chairman Jerome Powell used words like “patient” to describe the Fed’s latest approach to increases. His change in tone follows four rate hikes last year. The Fed’s benchmark rate is not directly tied to mortgage rates but does often influence them.

Since the Fed has indicated a more cautious tone about the future of rate hikes, mortgage financing giant Freddie Mac has revised its mortgage rate forecasts to a lower average for 2019.

After climbing for several months, the 30-year fixed-rate mortgage rates began to let up at the end of the year, averaging 4.6 percent in 2018 and falling to a nine-month low of 4.45 percent in early January.

Freddie Mac predicts that 30-year fixed-rate mortgages will now average 4.7 percent this year and 4.9 percent in 2020. Freddie Mac’s Economic Research Group says in its January forecast that it expects the moderation in mortgage rates to offer some relief to the previously strained housing market. “Home buyers are very sensitive to changing interest rates and will likely respond positively if mortgage rates remain below 5 percent,” says Sam Khater, Freddie Mac’s chief economist.

The Fed’s rate hike in December was its ninth quarter-point increase in the past three years since the Fed began to gradually raise rates from record lows in December 2014. After Wednesday’s meeting, the Fed will keep its key short-term rate in a range of 2.25 percent to 2.5 percent.

“In light of global economic and financial developments and muted inflation pressures, the committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate,” a statement from the Federal Reserve read. The Fed said that economic activity has been “rising at a solid rate” and it does expect continued growth, but noted several political uncertainties—such as fallout from the government shutdown—and a slowdown in foreign economies as reason for a more cautionary approach.

Real estate indicators are starting to shift in favor of home buyers as the housing market sets its sights on spring. Mortgages are getting cheaper, housing inventories are growing, and home prices are rising at a slower pace.

Mortgage rates have been holding steady for the last few weeks. The 30-year fixed-rate mortgage averaged 4.45 percent last week, according to Freddie Mac. Late last year, mortgage rates were nearing the 5 percent threshold, but several weeks of decreases have offered some relief to home shoppers. The five-year adjustable-rate mortgage has been averaging under 4 percent, landing at 3.90 percent last week, Freddie Mac reports.

Home buyers are responding to the lower rates. New mortgage applications of home buyers across the country surged to the highest level since 2010 during the week ending Jan. 11, according to the Mortgage Bankers Association. Applications were 9 percent higher than they were the week before.

Housing inventories have grown significantly in many markets too, offering buyers a lot more choices. That is helping to put a tighter lid on home price growth as sellers face greater competition. Homebuilders are reportedly lowering their prices in many areas too. A quarter of newly built homes saw a price cut during the last quarter of last year.

The decrease in mortgage rates is likely to boost home sales this year, compensating for the decline in sales recorded last year while pushing prices up modestly, says NAR Chief Economist Lawrence Yun. “With the return of homebuyers, home prices look to rise again in 2019, but with one big difference. For the first time in years, income gains of a projected 3.5 percent will outpace home price growth of around 2 percent. That is healthy and a turn toward better housing affordability,” Yun writes in a Jan. 24 opinion piece in the newspaper The Hill.

Certainly, for home sellers, lower prices may not sound ideal. But housing analysts say sellers need to set a realistic price up front to find a buyer as the market shifts.

“The good news here for sellers is that—with interest rates down and slowing prices—more prospective buyers should be encouraged to get off the sidelines, shop around, and consider making offers,” writes Kenneth Harney, a syndicated real estate columnist for The Washington Post.