Reported about 1 month ago
Mortgage rates remained unchanged this week, with the average rate for a 30-year fixed mortgage at 6.35%, as the market anticipates a Federal Reserve interest rate cut soon. Although rates have decreased from 7.12% a year ago, ongoing high home prices and borrowing costs have limited buyer activity, leading to a 3% rise in mortgage applications for home purchases, although still 4% lower than last year. Meanwhile, refinance applications dropped slightly but remained significantly higher than in 2023, reflecting homeowners capitalizing on lower rates.
Source: YAHOO