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 ZeroHedge: Speculative Froth Departing Gold as China Tightens Trading Conditions READ MORE Markets on Edge: Continuing Coverage of Regional Banking Crisis READ MORE US Housing Market Shows Life, Yet Overvaluation Clouds Recovery, Fitch Reports READ MORE Fed's Kashkari Stresses Need for Significant Inflation Progress Before Rate Cuts READ MORE Gold Market Holds Breath: Powell Speech and Payrolls Report in Focus READ MORE Add a Comment Cancel replyYour email address will not be published.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