Mortgage Rates Hit 16-Month Low as Fed Signals Rate Cuts The average 30-year fixed mortgage rate in the United States has fallen to its lowest level since April 2023, reaching 6.44% in the week ending August 23. This decline, part of a four-week trend that has seen rates drop by 38 basis points, comes in the wake of Federal Reserve Chair Jerome Powell’s indication that the central bank may lower borrowing costs soon. The decrease has spurred a slight increase in mortgage applications and refinancing activity, as homeowners seek to capitalize on lower monthly payments. However, potential homebuyers remain cautious, waiting for further rate reductions. The housing market continues to face challenges due to high borrowing costs and limited inventory, making affordability a key issue in the upcoming presidential election. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Gold ETFs Face $6.7bn Exodus in H1 2024, Worst First-Half Since 2013 READ MORE Wall Street Optimism Grows as Jefferies Reports 59% Jump in Deal Revenue READ MORE How Weakening Debt Terms Are Reshaping the Bond Market READ MORE Western Demand Propels Gold ETFs to Fourth Straight Month of Gains READ MORE Core Inflation Cools for Fourth Month, Bolstering Case for Fed Rate Cut READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment