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Mortgage Rates Decline, But Homebuyers Remain Cautious

Despite a recent dip in mortgage rates, many Americans are delaying home purchases, awaiting further rate cuts and managing rising insurance costs.

housing
Homes are seen in a residential neighborhood on September 15, 2022 in Pearland, Texas. Buyers are staying out of the market amid elevated mortgage rates.
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Overview

  • 30-year mortgage rates have fallen to 6.92%, the lowest in two weeks.
  • 71% of Americans are waiting for interest rate cuts before buying homes.
  • High home insurance costs are also discouraging prospective buyers.
  • Some buyers are using creative strategies like house hacking and co-buying.
  • The Federal Reserve's future rate cuts are anticipated but not imminent.