Mortgage rates may be dropping, but buyers aren’t convinced it’s the right time to buy. (iStock )
There’s good and bad news for mortgage rates this week. The good news is rates have continued their slow downward trend, averaging 6.87% on 30-year, fixed-rate mortgages, Freddie Mac reported.
Although this is promising, lowering interest rates is far from the norm. Last week, 30-year mortgages had average rates of 6.95%. However, compared to a year ago when rates averaged 6.67%, this week and last week’s rates are still relatively high. Still, any improvement is better than nothing.
“Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” Freddie Mac Chief Economist Sam Khater explained. “These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing…
