Mortgage rates in the U.S. have remained relatively stable this week, with only a slight increase reported by Freddie Mac. The average 30-year fixed-mortgage rate in the U.S. is now at 6.65%, down from 6.74% a year ago. This stability in rates has led to an increase in purchase applications, up 5% compared to last year, especially in Utah where home prices are down and houses are staying on the market longer.
Zions Bank Mortgage Manager Jeremy Holmgren advises potential home buyers not to wait, as rates are unlikely to fluctuate significantly in the near future. Despite an increase in house-hunting activities, pending home sales are down nationwide, as buyers are cautious due to economic uncertainties. Lower mortgage rates are bringing more buyers into the market, but many are still hesitant to make a purchase in the current state of the economy.
Overall, it is a good time for prospective buyers to take advantage of relatively low mortgage rates and lower home prices before they increase in the future.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
