Hey there! Let's chat about the economy, specifically the U.S. housing market, shall we?
Weekly mortgage rates drop, according to Freddie Mac's data.
Steve Moore, Committee to Unleash Prosperity co-founder, recently shared his thoughts on the economy and the concerns of voters regarding the stock market. And guess what? Mortgage rates took a little dive, according to Mortgage buyer Freddie Mac!
In their latest survey, released last Thursday, they reported that the average rate on the benchmark 30-year fixed mortgage slipped to 6.81%, a slight decrease from the previous week. But don't get too excited—while it's a step in the right direction, it's far from the low rates we've seen in the past. In fact, a year ago, the average rate was 7.17%.
You might ask, "Is the U.S. housing market becoming a buyer-friendly market?" Well, let's take a closer look. The average rate on the 15-year fixed mortgage also dropped slightly, a good sign for prospective homebuyers. But before you pop the champagne, consider this: last month, U.S. existing home sales took a hit and are expected to continue declining, mostly due to increased borrowing costs resulting from a dimming economic outlook fueled by uncertainty surrounding President Trump's constantly shifting tariff policy.
Whatever happens, remember that the housing market is a dynamic creature, influenced by a myriad of factors. And while it may take some time, there are signs that things could start looking up for buyers. As Sam Khater, Freddie Mac's chief economist, put it: "Over the last couple of months, the 30-year fixed-rate mortgage has fluctuated less than 20 basis points, and this stability continues to bode well for buyers and sellers alike." So, stay tuned and keep an eye on those mortgage rates!
- Steve Moore, from the Committee to Unleash Prosperity, recently discussed the economy and stock market concerns of voters, stating that mortgage rates have decreased, as reported by Mortgage buyer Freddie Mac on Thursday.
- In their latest survey, Freddie Mac reported that the average rate on the 30-year fixed mortgage dropped to 6.81%, although this is still distant from the low rates of the past.
- The question arises whether the U.S. housing market is becoming friendlier for buyers, but last month saw a decline in U.S. existing home sales and the trend might continue, mostly due to increased borrowing costs and an uncertain economic climate caused by changing tariff policies.
- Sam Khater, Freddie Mac's chief economist, noted that the stability of mortgage rates over the past couple of months, with fluctuations of less than 20 basis points, is beneficial for both buyers and sellers.
- As we move forward, it's important to closely monitor mortgage rates and their potential impacts on the real-estate market, finance, and overall economic stability.
