Mortgage rates fall slightly, ending 6-week climb

Published On Nov 14, 2024, 12:19 PM

Mortgage rates have slightly decreased after six weeks of continuous increase. The average rate on a 30-year fixed mortgage dropped from 6.79% to 6.78%. Despite this minor decrease, mortgage affordability remains a significant concern for potential homebuyers, with many holding off on purchases due to elevated monthly payments compared to rent. Overall, the housing market remains stagnant with a lack of demand, as approximately 80% of existing mortgage holders have rates below 5%.

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The minor decline in mortgage rates could foster a slight uptick in demand; however, the overarching issue of affordability and high existing rates will likely prevent a significant rebound. Investors might see stabilization in housing sector stocks, but a strong growth trajectory is unlikely until broader economic conditions improve.

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