Reported 1 day ago
Mortgage rates have decreased for the third week in a row, reaching an average of 6.6%, as new economic data maintains expectations for an interest rate cut by the Federal Reserve. Along with a drop in 15-year mortgage rates to 5.84% from 5.96%, this has led to a significant increase in refinancing applications, although home purchase mortgage applications fell by 4%. Experts suggest that while there is heightened demand from homebuyers due to lower rates and rising incomes, challenges remain due to affordability issues.
Source: YAHOO