Mortgage rates today drop to levels not seen since mid-2023

By: ameer@trustedteam.com

“Mortgage rates decreased this week, reaching their lowest level since May of 2023,” Freddie Mac chief economist Sam Khater said in the report. “This is an encouraging development for the housing market and, in particular, first-time homebuyers who are sensitive to changes in housing affordability. However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale.”

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NerdWallet mortgage expert Holden Lewis provided insights into the factors influencing mortgage rates, explaining, “Mortgage rates respond to many signals, including the inflation rate and global tensions. The most recent inflation data was mostly in line with expectations, preventing rates from rising. Attacks on shipping in the Red Sea, and the ensuing counterattacks, gave mortgage rates room to drop a little.”

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