Lates News

After four consecutive weeks of decline, mortgage rates in the United States have remained stable. Freddie Mac stated in a release that the average rate on a 30-year fixed mortgage is 6.58%, unchanged from last week when it dropped to the lowest level since October of last year. With rates having dropped sufficiently low in recent months, some hesitant home buyers may now be tempted to abandon their wait-and-see approach. In areas where there is a backlog of properties, sellers are willing to negotiate and provide assistance in closing costs and other concessions. However, affordability remains a serious obstacle, especially for first-time home buyers. Data also shows that second-hand home sales rose in July due to a slowdown in price increases. But this doesn't mean the market has become more affordable: some reports indicate that housing prices have soared by over 50% since the beginning of 2020. Danielle Hale, chief economist at Realtor.com, commented: "Higher rates erode the purchasing power of the typical American household. This dynamic is forcing many buyers to adjust their expectations, either by looking for smaller homes, moving to farther locations, or simply delaying their dream of purchasing a home."