Rates Ease for Second Consecutive Week
Borrowers had slightly more relief with mortgage rates again this week. The 30-year fixed-rate mortgage rate dipped again, averaging 4.53 percent, Freddie Mac reports.
“The stability in borrowing costs comes despite the highest core inflation rates since 2008 and turbulence in the currency markets,” says Sam Khater, Freddie Mac’s chief economist.
“Unfortunately, this pause in rates is not leading to increasing home sales.” Last week, mortgage applications for home purchases once again trailed levels from last year.
“It’s clear that in some markets the combination of ascending home prices, limited affordable inventory, and this year’s higher rates are curtailing home buyer demand,” Khater says.
Getting ready to Sell or Buy doesn’t have to be a huge undertaking, but it’s one where details really matter. When you’re working with real estate professional Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need to Sell or Buy your home.
#RealEstateForSale #Homeownership #UtahRealEstate #MortgageRates
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