Mortgage rates for 30-year fixed home loans were reported at 6.74%, a slight decrease from 6.75% the previous week. The Fed is expected to keep rates unchanged next week, following a period of stability since last December. The current economic conditions, with strong employment and income growth, have contributed to a flat mortgage rate despite the ongoing housing market challenges. As a result of high mortgage rates and housing prices, home sales have declined, with renting becoming more appealing in many markets.
This week, the 30-year fixed-rate mortgage essentially remained flat, highlighting the positive backdrop for the housing market as the economy continues to perform well with solid employment and income growth.
High mortgage rates and elevated home prices have kept home sales near yearly lows-a trend that's perhaps unsurprising given that, in nearly all major U.S. metros, renting a starter home remains the more budget-friendly option.
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