1 February 2024
Mortgage rates in the United States have seen a modest decrease, offering a glimmer of hope to the housing market. According to Freddie Mac, the average rate for a 30-year fixed mortgage dipped to 6.63%, down from 6.69% the previous week. This slight reduction marks a return to a downward trend in borrowing costs, although significant relief for prospective homebuyers might still be some distance away. The Federal Reserve has maintained a steady approach to interest rates since July, with Fed Chair Jerome Powell indicating that while there is openness to rate cuts within the year, more economic data is needed before such actions can be undertaken.