Reported 1 day ago
Mortgage rates have dropped significantly, with the average 30-year fixed rate mortgage now at 6.58%, marking the lowest level since October 2024. This decline is attributed to expectations of interest rate cuts by the Federal Reserve due to recent weak job growth and low inflation. Despite this drop providing some relief for homebuyers, experts caution that rates may not decrease much further, and refinancing activity has seen a notable increase.
Source: YAHOO