Mortgage rates have dipped for the second consecutive week, settling at an average of 6.76%, down from 6.81% the previous week. Despite this decline reflecting positive signs, experts caution against premature optimism due to the rates lingering in the upper-6% range amidst economic uncertainty. The rates are significantly lower than a year ago but show only minimal movement in recent months. Housing market activity is mixed with new listings increasing, although homes are staying on the market longer, indicating decreased buyer demand amidst ongoing high rates.
Rates today are higher than in early April, when they hovered around 6.64%, but are down about 16 basis points over the past 12 weeks and nearly 40 basis points from a year ago.
With such small moves, the broader trend is best described as sideways,
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