Mortgage rates plunge to lowest level in more than a year | CNN Business

Washington CNN  — 

US mortgage rates plummeted this week after weaker-than-expected employment data raised the odds of the Federal Reserve cutting interest rates next month. It’s a big step in the right direction for America’s notoriously unaffordable housing market.

The standard 30-year fixed-rate mortgage averaged 6.47% this week, mortgage financing giant Freddie Mac said Thursday. That’s down substantially from last week’s average of 6.73% and marks the lowest level since May 2023. This week’s drop was the biggest since late December.

Mortgage rates have steadily fallen over the past several weeks since reaching a 2024 peak

→ Continue reading at CNN - Business News

More from author

Related posts

Advertisment

Latest posts

Identifying and Communicating Your ‘Why’ Can Transform Your Business — Here’s How to Do It

Opinions expressed by Entrepreneur contributors are their own. Simon Sinek's profound statement, "People don't buy what you do; they buy why you...

9 Smart Technologies Revolutionizing Renewable Energy Today

Opinions expressed by Entrepreneur contributors are their own. We use the Internet of Things (IoT) in almost every aspect of our lives,...

Digital vs. Personal — What’s the Best Way to Communicate With Your Customers?

Opinions expressed by Entrepreneur contributors are their own. One of the challenges all businesses face is figuring out how much personal support...