A day after the Federal Reserve strongly hinted that it might cut interest rates in September, Freddie Mac reports mortgage rates have fallen to their lowest level since February.
This week, the average 30-year fixed-rate mortgage carries an interest rate of 6.73%, down from 6.87% a week ago.
“Expectations of a Fed rate cut coupled with signs of cooling inflation bode well for the market, but apprehension in consumer confidence may prevent an immediate uptick as affordability challenges remain top of mind,” said Sam Khater, Freddie Mac’s chief economist. “Despite this, a recent moderation in home price growth and increases in housing inventory are a welcoming sign for potential homebuyers.”
While 6.73% is the average 30-year rate, interest rates can vary widely on mortgages. ConsumerAffairs has analyzed 86 mortgage lenders here.
Home buyers may be feeling more optimistic about buying conditions. The National Association of Realtors (NAR) reports pending home sales rose 4.8% in June.
“The rise in housing inventory is beginning to lead to more contract signings,” said NAR Chief Economist Lawrence Yun. “Multiple offers are less intense, and buyers are in a more favorable position.”
Pending home sales provide a leading indicator of the housing market since the index is based on sales contracts that were signed during the month but have yet to close.
Mark HuffmanReporter
Mark Huffman has been a consumer news reporter for ConsumerAffairs since 2004. He covers real estate, gas prices and the economy and has reported extensively on negative-option sales. He was previously an Associated Press reporter and editor in Washington, D.C., a correspondent for Westwoood One Radio Networks and Marketwatch.
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#Mortgage #rates #fell #week