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2mo ago

U.S. Mortgage Rates Hold Steady Below 7% but Affordability Remains a Challenge

The national average for a 30-year fixed mortgage rose slightly to 6.67%, with economic uncertainty and high home prices continuing to weigh on the housing market.

FILE - A sign stands outside a home for sale in the Alamo Placits neighborhood Tuesday, Aug. 27, 2024, in central Denver. (AP Photo/David Zalubowski, File)
A for sale sign is posted in front of a home on March 22, 2023 in San Anselmo, California.
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Overview

  • The average rate for a 30-year fixed mortgage increased to 6.67% this week, up from 6.65% last week, according to Freddie Mac.
  • Mortgage rates have remained below 7% for nine consecutive weeks, offering some stability for buyers and sellers.
  • Regional disparities persist, with states like New York and California seeing lower rates compared to Alaska and Washington, D.C., where rates are highest.
  • The Federal Reserve's decision to hold interest rates steady signals potential stability in mortgage rates for the near term.
  • Affordability challenges, driven by high mortgage rates, low housing inventory, and rising home prices, continue to sideline many potential buyers.