Mortgage rates edge lower, remain near 7%
Published On Feb 6, 2025, 1:06 PM
Mortgage rates have slightly decreased this week, with the average rate for a 30-year fixed mortgage falling to 6.89%, down from 6.95% the previous week. Despite this drop, rates remain high compared to a year ago when they were around 6.64%. The stability of these rates comes amidst a stable economy, with some increase in mortgage applications indicating potential latent demand in the housing market.
Stock Forecasts
LEN
Positive
With mortgage rates edging down, there may be a temporary boost in homebuying activity, which could benefit companies involved in real estate and homebuilding.
DHI
Negative
The continued high mortgage rates indicate sustained challenges for the housing market. Companies dependent on housing demand may face headwinds despite the recent drop in rates.
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Jan 30, 2025, 12:27 PM
Mortgage rates moved slightly lower this week, remaining near 7% as potential buyers and sellers continue to hold off on making a move as they wait for steeper declines.
The market perked up late in the year when interest rates eased, but affordability challenges yielded the fewest transactions since 1995.