While the 30-year mortgage rate has improved and is again on a downward trajectory, it is crucial to acknowledge that it is still relatively high. However, mortgage rates are better than they were in May 2024, currently standing at 6.47% (as of Aug 8), their lowest point in over a year, down from 7.22% in early May.
According to Yahoo Finance, the average rate for a 15-year fixed mortgage fell to 5.63% from 5.99% the previous week, and significantly lower than the 6.34% rate from a year ago.
With growing expectations of interest rate cuts by 1% by this year-end, the housing market seems set for some much-needed relief.
Fed Speeds Up Rate Cuts
Following a sharp sell-off earlier this week due to a disappointing July jobs report and the unwinding of yen-funded carry trades, market participants have intensified their bets on the Fed, adopting a faster approach. They…
