The average rate on a 30-year mortgage eased this week to its lowest level in 15 months, down to 6.46% from 6.49%, signaling a potential easing for home shoppers.
Although mortgage rates have stayed relatively flat over the past couple of weeks, softer incoming economic data suggest rates will gently slope downward through the end of the year.
After jumping to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage has mostly hovered around 7% this year, more than double what it was just three years ago.
We expect rates likely will need to decline another percentage point to generate buyer demand, highlighting the challenges still present for home purchase applications.
[
Collection
]
[
|
...
]