The average 30-year fixed mortgage rate is at its lowest since February last year, yet people aren't rushing the market despite hopes for lower rates.
People are waiting for mortgage rates to sink further or simply can't afford to buy homes because of higher costs, according to economist Diane Swonk.
We've not seen the reaction we had seen earlier in the year, where every time mortgage rates dipped, people flooded into the market.
While the Fed is expected to deliver a rate cut, there’s uncertainty on whether mortgage rates will fall immediately afterward due to their connection with Treasury bonds.
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