Mortgage Rates Hit Lowest Level in Over a Year The average rate for a 30-year mortgage has dropped to 6.47%, the lowest in over a year, providing a boost for prospective homebuyers and homeowners looking to refinance. This decline follows a decrease in the 10-year Treasury yield, driven by disappointing labor market data. While the rate drop has spurred an increase in refinancing applications, economists expect mortgage rates to remain above 6% this year. The decrease in rates could enhance purchasing power, but high home prices and limited inventory continue to challenge buyers. The recent easing of rates aligns with expectations of potential Federal Reserve rate cuts amid signs of cooling inflation and a softer job market. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Base Metal Prices Surge Amid Russian Ban and Supply Worries READ MORE Gold Rises on Rate Cut Expectations Before Inflation Data READ MORE Gold Beans: The New Investment Craze Among China's Youth READ MORE Consumer Confidence Edges Up in July, but Economic Concerns Persist READ MORE Gold's Rise: LBMA London Gold Price Sets New Record as Year Ends READ MORE Add a Comment Cancel replyYour email address will not be published.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