Freddie Mac Says 30-Year Mortgage Slips To 6.72%, But Jerome Powell's Cautious Rate Tone Fuels 'Higher For Longer' Fears, Pressuring Housing Market
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Freddie Mac reports that the average rate on a 30-year U.S. mortgage has decreased to 6.72%, providing minimal relief to buyers amid high prices and borrowing costs. Despite the Federal Reserve holding its benchmark rate steady, housing economists warn that the market is unlikely to recover significantly. Pending home sales fell 0.8% in June, indicating potential further declines. Experts suggest that unless inflation expectations decrease, mortgage rates may remain elevated, contributing to ongoing affordability challenges in the housing market.
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