Us Mortgage Rates Decline to 6.88%, Lowest Level This Year
US mortgage rates have dropped to their lowest level this year, declining by 5 basis points to 6.88% in the week ended Feb. 21, according to the Mortgage Bankers Association. This decline is attributed to a combination of factors, including falling Treasury yields and weak January retail sales data. However, borrowing costs are still elevated, which has weighed on lending activity.
- The recent drop in mortgage rates highlights the ongoing volatility in the US economy, where monetary policy decisions can have far-reaching impacts on various sectors, including real estate.
- How will this decline in mortgage rates affect the overall trajectory of the housing market, particularly for first-time homebuyers and those struggling to afford rising prices?