Mortgage rates inch higher

Published On Oct 3, 2024, 12:05 PM

Mortgage rates have seen a slight increase, with the average rate on a 30-year fixed mortgage rising to 6.12%, up from 6.08% the previous week. This follows a period where long-term rates had hit a two-year low. Despite the slight rise, mortgage rates have fallen by about 1.5 percentage points over the past year. Factors including geopolitical tensions and a rebound in short-term rates are contributing to this stalled decline. The article suggests that the real estate market could improve for homebuyers as home price growth slows and incomes rise.