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Mortgage Rates Drop, But Not Enough To Entice Buyers

  • August 22nd 2024

by UrbanTurf Staff

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Long-term mortgage rates fell again this week, but it probably isn't enough buyers to get off the fence. 

On Thursday, Freddie Mac reported 6.46% as the average on a 30-year mortgage, down three basis points from last week. 

“Although mortgage rates have stayed relatively flat over the past couple of weeks, softer incoming economic data suggest rates will gently slope downward through the end of the year,” said Sam Khater, Freddie Mac’s Chief Economist. “Earlier this month, rates plunged and are now lingering just under 6.5 percent, which has not been enough to motivate potential homebuyers. We expect rates likely will need to decline another percentage point to generate buyer demand.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_drop_but_not_enough_to_entice_buyers/22632.

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