Mortgage rates have fallen for four consecutive weeks. The data is a double-edged sword for potential homebuyers. The Mortgage Bankers Association found the average 30-year fixed rate fell to 6.44 percent—the lowest point since April last year. Lower rates give buyers more purchasing power, but experts also warn it could drive up competition. The drop could also increase the number of homes for sale. Some homeowners have been under the “lock-in” effect—locked into their lower pre-pandemic rates and unwilling to list their homes.
30-Year Fixed Mortgage Lowest Since April 2023: MBA | Business Matters (Aug. 28)
By Don Ma