Mortgage rates have hit a low point since 2023, largely due to easing inflation and the Federal Reserve’s cautious stance on interest rate cuts.
This shift impacts you directly, whether you’re looking to buy a home or refinance an existing mortgage.
With the average 30-year fixed-rate mortgage now at about 6.5%, your options are expanding. But what does this really mean for you? Let’s break it down.
Factors Contributing to the Decline in Mortgage Rates
As mortgage rates continue to drop, several key factors are at play.
Economic Conditions
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Inflation: After peaking in 2023, inflation has moderated, allowing rates to stabilize.
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Federal Reserve Policies: The Fed’s cautious approach to rate cuts has helped keep mortgage