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 Housing Costs Drive a Wedge Between Fed’s and Popular Inflation Metrics READ MORE Brazil Nearly Eradicates Illegal Gold Mining in Yanomami Territory READ MORE Gold Holds Steady as Markets Anticipate Critical U.S. Jobs Data READ MORE Silver's Hidden Potential: The Path to $50? READ MORE Fed's Latest Decision: Status Quo on Rates, but Change is in the Air READ MORE Add a Comment Cancel replyYour email address will not be published.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