Mortgage Rates Fall for a Straight Week
Today's 30-year fixed mortgage rate has dropped again to 6.35%, and the 15-year fixed rate is down 13 basis points to 5.64%. Economists don't expect mortgage rates to plummet in 2025, especially not in the year's first half. It's also possible rates will inch back up in the short term.
- As rates decrease, consumers who have been priced out of the market may find it easier to qualify for a mortgage, potentially leading to an increase in homebuying activity and economic growth.
- Will lower mortgage rates lead to increased housing prices and inflation, or will they merely boost consumer spending power without causing broader economic strain?