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 U.S. Jobless Claims Hold Steady, Suggesting Strong Labor Market READ MORE Warning: Is the Housing Market Heading for a 50% Correction? READ MORE Gold Resilient as Safe-Haven Demand Counterbalances Rising Dollar READ MORE "Buy Gold and BURY IT" – Chris Martenson w/ Mike Maloney READ MORE Opinion: Fed Should Cut Interest Rates to Avoid Economic Harm READ MORE Add a Comment Cancel replyYour email address will not be published.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