GOOD NEWS
This week the average interest rate for a 30- year mortgage dropped to 6.47%, the lowest it’s been since May 2023. This is a big decrease from last week’s rate of 6.73%, and it’s been going down since it peaked in October.
Freddie Mac, a company that tracks mortgage rates, said the drop is due to an overreaction to some bad news about jobs, and changes in the stock market, even though the economy is still strong. Lower rates make it less expensive for people to buy homes, so more people may start looking to buy. This is a good time for homeowners to refinance their mortgage, with nearly 42% of the mortgage applications now being attributed to refinancing. The average rate for a 15 year-mortgage also dropped to 5.63%, the lowest in over a year.
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