Mortgage rates this week dropped to their lowest level in more than a year, delivering some long-sought relief for homebuyers.
The average interest rate for a 30-year fixed mortgage stands at 6.47%, Freddie Mac said on Thursday. That figure marks a drop of more than a percentage point from a peak attained last year after the Federal Reserve hiked interest rates in an effort to fight inflation.
The Fed has held interest rates steady at their highest level in two decades, however. So, why are mortgage rates plummeting?
Election time?
ReplyDeleteDing, Ding, Ding you are correct sir!
DeleteKamelara wants to win the erection.
ReplyDeleteYou said a mouthful, Anon.
DeleteAnd Comma-La wants to claim "mortgage interest rates are lower than they've been in years."
DeleteKamala has a long way to go before being able to claim "lowest mortgage rate in years." My current mortgage is taken out about 2.5 years ago at 3%. 6 months after the loan closed the interest rate was 7% and climbing.
DeleteBorrowing schemes artificially inflate purchasing power, keeping bubbles like the real estate market afloat, but eventually, the pterodactyls will come home to roost.
ReplyDeleteJust try and get a mortgage at the new, lower rates. When they say no, start offering to pay a higher rate and see where they say yes. That is the market rate. The real rate.
ReplyDelete