Reported 27 days ago
Mortgage rates have reached their lowest level since February 2023, with the average rate on a 30-year fixed mortgage dropping to 6.2%. This decrease is attributed to a mix of softening economic data and expectations of an interest rate cut by the Federal Reserve. However, despite the lower rates, home sales remain sluggish due to high house prices and limited inventory, with the Pending Homes Sales Index hitting a two-decade low.
Source: YAHOO