US 30-year fixed-rate mortgage edges up to 6.78%, Freddie Mac says
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The average rate on the US 30-year fixed-rate mortgage increased to 6.78% for the week ending July 25, according to Freddie Mac. This is slightly higher than the previous week's rate of 6.77%. However, it is still about half a percentage point below its peak earlier this year. Chief Economist Sam Khater noted that despite the lower rates, buyers are hesitant to enter the market, as reflected in declining new and existing home sales. Existing home sales fell 5.4% in June, marking the fourth consecutive monthly drop. Housing inventory has increased to the highest level in nearly four years, indicating a shift from a seller's market to a buyer's market. Rising home owners insurance premiums are also impacting housing affordability. However, economists expect home borrowing costs to decrease later this year as the Federal Reserve plans to cut interest rates.
#Mortgage #HousingMarket #InterestRates #HomeSales #FreddieMac
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