Mortgage rates in the U.S. tumbled to the lowest level in more than a year, giving would-be homebuyers a break. The average for a 30-year, fixed loan was 6.47%,...
A “FOR SALE” sign outside of a home on Friday, March 8, 2024, in the Casa View neighborhood of Dallas.Mortgage rates in the U.S. tumbled to the lowest level in more than a year, giving would-be homebuyers a break.
The average for a 30-year, fixed loan was 6.47%, the lowest since May 2023 and down from 6.73% last week, After topping 7% earlier this year, rates have declined fairly steadily, giving the housing market a boost. Applications for loans to buy homes increased last week for the first time in a month, and a measure of refinancing demand jumped to a two-year high, data from theRates this week followed along with 10-year Treasury yields, which slid after July’s sluggish jobs report triggered fears of a recession.
Mortgage rates plunged “following the likely overreaction to a less-than-favorable employment report and financial market turbulence for an economy that remains on solid footing,” Sam Khater, Freddie Mac’s chief economist, said in the statement. The decline “does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move.”House hunters lured back to the market still must contend with a shortage of listings.
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