Overview

• The average rate for a 30-year fixed mortgage decreased to 6.88%, its lowest in two weeks.
• Florida's housing market faces unique challenges with high insurance premiums and increased inventory not lowering prices.
• Rates for 15-year mortgages also fell, while jumbo and adjustable-rate mortgages saw varied changes.
• Economic factors such as Federal Reserve policies and inflation continue to influence mortgage rate fluctuations.
• Despite increased inventory in some states, affordability remains a significant issue for many potential homebuyers.