Posted on 09/13/2024 3:09:42 PM PDT by ChicagoConservative27
For a 30-year fixed-rate mortgage, the average rate you’ll pay is 6.27% today, a decrease of -0.17% since one week ago. The average rate for a 15-year fixed mortgage is 5.53%, which is a decrease of -0.25% from the same time last week. For a closer look at mortgage predictions this week, see here.
With inflation at its lowest level since spring 2021 and a weakening labor market, the Federal Reserve is set to make its first interest rate cut in September, which should help mortgage rates fall in the coming months. Generally speaking, bad news for the economy means good news for mortgage rates. Though prospective homebuyers are starting to emerge from the sidelines, it will take more than lower mortgage rates to repair today’s unaffordable housing market.
(Excerpt) Read more at cnet.com ...
I just have a very different idea of what the word “plummet” means.
Historically speaking those are normal mortgage rates. The problem isn’t interest rates, which are about to be barely moved. The problem is the lack of value in the dollar and a housing shortage due to construction not keeping up with population growth for about 10 years now. There is no way to solve that quickly.
Agreed—the headlines greatly exaggerate the reality in so many areas.
This is a minor reduction.
Plummet?????
Maybe an election is soon.
a decrease of -0.17% since one week ago.
Plumett???
😏🚩
Can someone send some of that “lowest level inflation since 2021* here to South Florida?
Id really like to afford to take my family out to eat again
Recession!
Clickbait works!
I MUST HAVE A DIFFERENT DICTIONARY-—
THAT IS NOT A ‘PLUMMET”
IT is 1/6 of a percent
THE “HOUSING SHORTAGE” IS NOT THE FAULT OF CONSTRUCTION FALLING BEHIND.
IT IS THE FAULT OF BIDEN/HARRIS SWARMING OVER 15 MILLION INVADERS into THE USA.
At current values it could be considered a dramatic drop. I don’t buy it but WTF do I know.
The entire point of government is to make housing expensive, either via tax write offs, tax incentives to prop up housing, tax advantages, allowance of foreign ownership and investment, building codes, non market rate interest rates, grants, gov loans, etc etc.
Won’t help. Too little too late.
My friends who are mortgage brokers are starving.
“Plummet”?
I take it you didn’t have a career in real estate.
Market forces apply to real estate, not a real estate professional but I’ve bought and sold homes for myself. Those forces are tied to government more so than anything else out there.
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