Mortgage Rates Decline for Third Consecutive Week

Average 30-year fixed mortgage rates drop below 7%, signaling potential relief for homebuyers.

Current 30-year fixed mortgage rates average 6.87%, down from last week's 6.94%.
The Federal Reserve's decision to hold interest rates steady has contributed to easing mortgage rates.
Experts suggest that significant rate drops may not occur until next year despite current declines.
Home prices are expected to rise in 2024, driven by low housing supply and easing mortgage rates.
Homeowners may consider HELOCs as an alternative to refinancing in the current rate environment.