The 30-year mortgage rate has dropped to its lowest level in two years, boosting market optimism about the housing sector and buyer affordability, as further interest rate cuts by the Fed are anticipated in November and December. The medium- to long-term outlook for the housing market has improved by this development.
While the 30-year mortgage rate has improved and is again on a downward trajectory, it is crucial to acknowledge that it is still relatively high. However, mortgage rates are currently at 6.08% (as of Sept. 26), their lowest point in over a year, and down from 7.22% in early May.
Source: Yashwardhan Jain -Yahoo Finance
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