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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

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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.

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[–] 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.