Mortgage Rates Hit New Low, Signaling Good News for Homebuyers
The Pro Builder
AUGUST 5, 2024
This year has been tough for prospective homebuyers, but some good news came recently in the form of lower mortgage rates. According to Fast Company, the average 30-year fixed mortgage rate fell to 6.4%, and the 15-year fixed rate dropped to 5.89%. These are the lowest rates since April and May 2023, respectively. Mortgage rates fluctuate daily with the economy, influenced by factors like inflation and job growth, and while lower rates benefit buyers, they can also indicate challenges for the U.
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