Summary
The average rate for a 30-year mortgage dropped below 6% for the first time since 2022, according to Freddie Mac's data. This change has the potential to positively impact the housing market, which has struggled in recent years.
Key Facts
- Freddie Mac reported that the average 30-year mortgage rate fell below 6%.
- This is the first time since 2022 that rates have dropped below 6%.
- Lower mortgage rates can encourage more people to buy homes, improving the housing market.
- The housing market has been slow due to higher interest rates over the past four years.
- President Trump mentioned the drop in mortgage rates during his recent State of the Union address.
- High home prices and economic uncertainty continue to affect the real estate market.
