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Mortgage rates have fluctuated recently, with rates initially staying at 7% before dropping back under 7%. Despite this, home buyers are still hesitant due to high prices. Fed Chair Powell believes higher rates are beneficial for the housing market, especially for younger individuals. The average 30-year fixed mortgage rate is now at 6.99% with a spread of 271 basis points. NAR Chief Economist Lawrence Yun predicts rates to settle around 6%, reflecting a trend of declining rates according to Freddie Mac data.
Instant Reaction: Mortgage Rates, July 11, 2024 "The 30-year fixed mortgage rate from Freddie Mac declined to 6.89% over the last week from 6.95%." https://t.co/gcOwOC7wIE https://t.co/HirhX84bV7
Jessica Lautz, NAR Deputy Chief Economist and VP of NAR Research, reacts to the 30-year fixed mortgage rate from Freddie Mac declining to 6.89% over the last week from 6.95%. https://t.co/lDl5bLFYsh
So like did everyone catch what Powell just admitted to. “There’s no question that higher interest rates are making it harder to buy homes in the short term. But in the longer term, this is the best thing, particularly for younger people who are not yet in the housing market.”… https://t.co/30vLftqdVQ