Mortgage Rates Plummet to New Normal
Current mortgage rates have decreased slightly, but it's unlikely that they will nosedive in 2025. The 30-year fixed mortgage rate has decreased by four basis points to 6.31%, and the 15-year fixed rate is down three basis points to 5.63%. This new normal for mortgage rates seems to be above historic sub-3% lows, with a 30-year mortgage rate above 6% becoming the new benchmark.
- The impact of decreasing mortgage rates on homebuyers' affordability and financial decisions will likely be significant, particularly in the short-term.
- How will the ongoing decline in mortgage rates affect lenders' profits and their ability to offer competitive interest rates for borrowers?