Economics

463 readers

55 users here now

founded 2 years ago

Average rate on a 30-year mortgage in the US falls to 6.69% (apnews.com)

submitted 1 week ago by MicroWave to c/economics

5 comments fedilink hide all child comments

Summary

The average U.S. 30-year mortgage rate fell to 6.69%, its lowest since October, down from 6.81% last week and 7.03% a year ago, according to Freddie Mac. Rates on 15-year mortgages also declined to 5.96%.

Mortgage applications have risen, boosted by lower rates and increased inventory, though high home prices continue to challenge affordability.

The Federal Reserve's recent interest rate cut has influenced borrowing costs, and further cuts are anticipated.

Economists predict mortgage rates will remain near 6.5% through 2025, limiting relief for many potential buyers.

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 22 points 1 week ago (2 children)

FALLS to still nearly 7%? Jesus.

Get fucked millenials and below! - Signed, sincerely Boomers+!

[–] [email protected] 4 points 1 week ago (1 children)

The price could drop too... That's another way to fix the "monthly" payment the "landlord" class don't like to talk about

Hmm

[–] [email protected] 9 points 1 week ago

Prices essentially doubled in the course of like 2-3 years recently. Get double fucked renters... Just gets worse and worse.

[–] SupraMario 1 points 1 week ago

This issue is the housing prices. They shot up because the rates were so damn low. Most people who bought back pre-2000s had 12-17%+ rates. The idea that the market could sustain 2% and keep prices low when the banks would hand out loans to anyone with a job was delusional.