Mortgage and Refinance Rates Today: Fixed Rates Decrease
Mortgage interest rates have inched down for the most part, with the 30-year fixed rate decreasing by four basis points to 6.50% and the 15-year fixed rate also dropping by four basis points to 5.83%. The average 30-year mortgage term remains popular due to its relatively low monthly payment, while adjustable-rate mortgages can offer lower rates but come with risks of increasing over time.
- The shift in mortgage rates highlights the ongoing impact of economic factors on consumer borrowing habits, raising questions about how this trend will influence the broader housing market.
- What will be the implications for first-time homebuyers who may struggle to qualify for competitive rates due to stricter lending standards and lower credit scores?