05/01/2025
Just sharing some Market News for those interested.
Today's
Mortgage rates fall for 2nd straight week, Freddie Mac says
https://www.foxbusiness.com/economy/mortgage-rates-fall-second-straight-week-freddie-mac-says
Mortgage activity ticked up for the second week in a row, according to Freddie Mac, offering some relief to homebuyers facing persistent affordability challenges. Despite slight improvements, the housing market remains sluggish, with transaction levels near 30-year lows. A major factor is the “lock-in effect,” where nearly 70% of homeowners hold existing mortgages with significantly lower payments, making them reluctant to move. This contributes to the ongoing inventory crunch, with a reported shortfall of 3.8 million homes nationwide, according to Realtor.com.
The average rate on the 30-year fixed mortgage fell this week to 6.76%, according to the latest Freddie Mac data released on Thursday. That is up from last week's reading of 6.81%.