30-Year Mortgage Rate Drops to 6.09% After Fed Rate Cut
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The average 30-year fixed-rate mortgage fell to 6.09% on Sept. 19, 2024, down from 6.2% the previous week, marking the lowest rate since February 2023; this decline follows the Federal Reserve's decision to cut its benchmark interest rate by 0.5 percentage points; mortgage rates have decreased about one percentage point over the past four months, significantly lower than the nearly 7.8% peak in late 2023; Sam Khater, Freddie Mac's chief economist, noted that declining rates are reviving purchase and refinance demand; existing home sales fell 2.5% in August; analysts suggest falling rates could boost housing inventory as more sellers enter the market; however, home prices remain high, posing challenges for first-time buyers.
#MortgageRates #FederalReserve #InterestRates #HousingMarket #RealEstate #Economy #HomeSales #FreddieMac #SamKhater #AlexElezaj
https://www.nytimes.com/2024/09/19/business/mortgage-rates-fed-rate-cut.html
The New York Times /
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2024-09-19 16:46:56
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2024-09-19 16:46:56Event JSON
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"content": "30-Year Mortgage Rate Drops to 6.09% After Fed Rate Cut\n==========\n\nThe average 30-year fixed-rate mortgage fell to 6.09% on Sept. 19, 2024, down from 6.2% the previous week, marking the lowest rate since February 2023; this decline follows the Federal Reserve's decision to cut its benchmark interest rate by 0.5 percentage points; mortgage rates have decreased about one percentage point over the past four months, significantly lower than the nearly 7.8% peak in late 2023; Sam Khater, Freddie Mac's chief economist, noted that declining rates are reviving purchase and refinance demand; existing home sales fell 2.5% in August; analysts suggest falling rates could boost housing inventory as more sellers enter the market; however, home prices remain high, posing challenges for first-time buyers.\n\n#MortgageRates #FederalReserve #InterestRates #HousingMarket #RealEstate #Economy #HomeSales #FreddieMac #SamKhater #AlexElezaj\n\nhttps://www.nytimes.com/2024/09/19/business/mortgage-rates-fed-rate-cut.html",
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