US 30-year mortgage rate falls to two-year low of 6.15%
Published On Sep 18, 2024, 7:08 AM
The average 30-year mortgage rate in the U.S. has decreased to 6.15%, the lowest level in two years, following expectations of a Federal Reserve interest rate cut. This drop has led to an increase in mortgage applications for both refinancing and home purchases, which is seen as a response to the improved affordability of housing as home prices stabilize.
Stock Forecasts
XHB
Positive
The fall in mortgage rates is likely to stimulate home buying and refinancing activity, benefitting the real estate market in the short term. This could lead to enhanced performance in related stocks in the real estate sector, particularly those involved in mortgage lending and home construction.
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