7/18/2024 -
Mortgage Rates Fall to 4-Month Low
Long-term mortgage rates took a dive in the latest week, as investors anticipated Federal Reserve rate cuts. The average rate on a 30-year fixed-rate home loan fell to 6.77% during the week ended July 18, 2024. That’s down from 6.89% the week before and even down from 6.78% a year ago. Rates are now at their lowest level since March of this year. The Fed meets again July 30-31 and analysts are expecting the meeting to produce the first drop in the Federal Funds rate since it hit its current peak a year ago.
7/16/2024 -
Homebuilder Confidence Falls to 6-Month Low
U.S. homebuilders’ confidence in the current housing market recently fell to its lowest level since December. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index dipped 1 point to a reading of 42 in July from the previous month, lower than economists had predicted. Any number below 50 indicates that more builders view conditions as unfavorable rather than good. High interest rates have taken a toll on new-home sales, which hit a six-month low in May.