Reported 3 days ago
The average rate for a 30-year U.S. mortgage has held steady at 6.58%, the lowest in nearly 10 months, offering hope to potential homebuyers facing high home financing costs. Meanwhile, 15-year fixed mortgage rates have slightly decreased to 5.69%. Despite the stability in mortgage rates, the housing market has struggled since early 2022, with home sales remaining low largely due to affordability issues. Experts suggest that while a potential rate cut by the Federal Reserve could stimulate the economy, it might not significantly lower mortgage rates or boost home sales.
Source: YAHOO