Key U.S. mortgage rate drops to lowest since March, Freddie Mac says
NEW YORK - The average interest rate on the popular U.S. 30-year fixed-rate mortgage fell to its lowest level since mid-March this week, a welcome development for a housing market struggling to find its footing and one that may continue if the Federal Reserve cuts rates as expected in the months ahead.
“Sometimes as rates decline, demand weakens, and the apparent paradox is driven by buyers making sure rates don’t decline further before they decide to purchase,” Chief Economist Sam Khater said in a statement. Economists are hopeful that the anticipated start of rate cuts by the Fed - perhaps as early as September - could flow through to support the housing market through lowered borrowing costs in the months ahead.
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