The average 30-year mortgage rate in the U.S. fell slightly to 6.96 percent, although it remains high compared to last year. Elevated mortgage rates have significantly impacted housing affordability, with the median monthly housing payment now at $2,686, the highest in nearly seven months. While home sales are projected to hit a 29-year low in 2024, there has been a recent uptick in mortgage applications, suggesting that potential buyers are still interested despite challenging market conditions. Economists caution that economic and inflationary uncertainties will keep rates elevated in the near future.
Economic and monetary policy uncertainty and inflationary concerns will likely keep mortgage rates elevated for the near future.
Many would-be home buyers have been priced out of the market as mortgage rates and prices have risen in recent years.
While affordability challenges remain, this is welcome news for potential home buyers, as reflected in a corresponding uptick in purchase applications.
Elevated mortgage rates, which can add hundreds of dollars a month in costs for borrowers, have discouraged home shoppers.
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