Reported 5 months ago
Long-term mortgage rates have decreased for the third consecutive week, dropping just below 7%. The average rate on a 30-year mortgage fell to 6.94% from 7.02% the previous week, making it the first time it has been below 7% since mid-April. Additionally, borrowing costs for 15-year fixed-rate mortgages also declined. The recent rate reductions follow a period of increases, with experts attributing the fluctuations to factors like the Federal Reserve's interest rate policy and movements in the 10-year Treasury yield. Despite the recent easing, economists predict that mortgage rates are unlikely to decrease significantly until the Fed is confident that price increases are slowing sustainably.
Source: YAHOO