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Housing market

Housing market

Mortgage rates are declining, but buyers still need some coaxing to get back into the market. Signs in the market have analysts suggesting the worst of the current mortgage cycle may be behind us in 2024.
  • Business
    Reuters

    Key U.S. mortgage rate drops to lowest since March, Freddie Mac says

    The average interest rate on the popular U.S. 30-year fixed-rate mortgage fell to its lowest level since mid-March this week, a welcome development for a housing market struggling to find its footing and one that may continue if the Federal Reserve cuts rates as expected in the months ahead. The 30-year fixed-rate mortgage averaged 6.77% during the week ending July 18, the lowest level since mid-March, down from 6.89% in the prior week, mortgage finance agency Freddie Mac said on Thursday. Data shows that homebuyers are not responding to lowering rates yet with purchase application demand remaining roughly 5% below where it was in the spring, Freddie Mac's chief economist said.

  • Business
    Yahoo Finance

    Mortgage rates fall to lowest level since mid-March

    The average rate on the 30-year, fixed-rate mortgage fell to 6.77% from 6.89% a week prior, according to Freddie Mac.

  • Business
    Associated Press Finance

    Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March

    The rate fell to 6.77% from 6.89% last week, mortgage buyer Freddie Mac said Thursday. “Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for the housing market,” said Sam Khater, Freddie Mac’s chief economist. Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans.