30-year mortgage rate hits two-year low
Published On Sep 26, 2024, 12:16 PM
The average rate for a 30-year fixed mortgage has fallen to its lowest level in two years, now standing at 6.08%. This slight drop from the previous week (6.09%) is encouraging more potential buyers to enter the market. Moreover, there is a notable increase in refinancing applications as homeowners who secured higher rates previously contemplate lowering their monthly payments. The overall improvement in rates is prompting a sense of gradual confidence among buyers, although the market remains cautious due to still low activity levels.
Stock Forecasts
XHB
Positive
As mortgage rates decrease, it is likely to stimulate previously hesitant buyers to engage in the housing market, thus benefiting homebuilders and related sectors.
BK
Positive
Increased refinancing activity can lead to higher profitability for mortgage lenders and banks, which could positively affect their stock prices.
Related News
A Trump Fix for the Housing Crisis Could Actually Make It Worse
Oct 11, 2024, 12:01 PM
The former president often implies that deportations will bring down housing costs. Reality is more complicated.
Inflation sees the lowest annual rise since 2021
Oct 10, 2024, 1:34 PM
The Consumer Price Index (CPI), the main measure of inflation, increased 0.2% in September, a similar increase consumers saw in August and July, the Bureau of Labor Statistics reported.
Mortgage rates predicted to increase in next few days
Oct 10, 2024, 6:50 AM
Recent falls in rates could come to "an abrupt halt" in the next few days, according to brokers