Mortgage Rates Dip Slightly, Housing Market Cautious

Mortgage rates dip slightly, hovering around 6.2% as of this week, offering home shoppers a better deal than last year. The fifteen-year fixed-rate mortgage also saw a minor increase, still lower than last years average. The Feds rate cuts have contributed to this trend, signaling calmer inflation and growth. However, affordability remains a challenge for first-time buyers, and home sales have slightly decreased compared to last year. Economists predict rates to stay just above 6% through next year, maintaining a cautious balance in the housing market.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.