Mortgage Rates Dip, Boosting Homebuying Interest

Mortgage rates experienced a minor dip this week, offering a glimmer of hope for homebuyers. The average thirty-year fixed mortgage rate now stands at six point two three percent, down from six point two six percent last week. This decrease is linked to a potential interest rate cut by the Federal Reserve, as signs of a softening labor market emerge. The likelihood of a benchmark rate cut in December has been increasing, with several Federal Reserve officials expressing support for such a move. Additionally, news of a key economic advisor to the White House, known for favoring lower rates, being considered for the Federal Reserve chair position has further fueled speculation about future rate adjustments. These slightly lower rates have been hovering around their year-to-date lows throughout the fall, drawing some buyers back into the housing market. Data from the National Association of Realtors shows an increase in contract signings for homes, and applications to purchase a home also saw a significant jump, indicating a renewed interest from buyers.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.