Reported 7 months ago
The average rate on a 30-year loan has dipped to 6.95% this week, but meaningful declines are not expected anytime soon. A study suggests that most homebuyers, especially first-timers, require significantly lower rates before reentering the market, with predictions stating that substantial decline may not occur until the end of 2025. Even though inflation data showed signs of moderation, the Fed held benchmark rates steady at 5.25% to 5.50%, affecting consumer confidence and underscoring the lack of purchase affordability.
Source: YAHOO