Mortgage Rates Hit 15-Month Low, Buyers Hesitate

Despite the drop in rates, potential homebuyers remain cautious due to new agent fee rules and economic uncertainties.

Current 30-year fixed mortgage rates have fallen to 6.35%, the lowest since April 2023.
Pending home sales have declined by 6.9% in the past four weeks, reflecting buyer hesitation.
New rules by the National Association of Realtors on agent fees are causing confusion among buyers.
The Federal Reserve is expected to cut interest rates in September, potentially lowering mortgage rates further.
Homebuyers are also waiting to see if home prices will decrease from near-record highs.