At the moment, the average rate on a fixed mortgage for 30 years has fallen to 6.35% compared to 6.39% a week earlier. The average long-term mortgage rate in the United States fell again this week to the smallest level in the past five weeks.
The current recession is a long-awaited deviation from the rapid increase in 2022, experts say. Meanwhile, the rate on a fixed mortgage for 15 years fell slightly this week and amounted to 5.75%. Last week, the figure was about 5.76%.
Despite the fact that there is inflation in the country, its growth rate has slowed down and is expected to slow down until the end of 2023. This should bode well for the trajectory of mortgage rates for the future.
Experts also note that potential buyers behave correctly. They carefully study the market, determine their priorities and determine what fits into their budget.