Mortgage rates in the US have continued to decrease, with a 30-year mortgage averaging 6.87% last week. This marks the fourth consecutive week of decline and brings the average rate back towards its pre-pandemic levels. In contrast, 15-year mortgages rose to 6.09%, popular among homeowners looking to refinance their loans.
The drop in mortgage rates is attributed to market reactions to the Federal Reserve’s interest rate policy decisions. Although the current rate remains higher than the record low of 2.65% set four years ago, it provides a glimmer of hope for prospective homebuyers who have been deterred by rising home prices and increased borrowing costs.
Sales of previously occupied US homes fell last year to their lowest level in nearly 30 years, largely due to elevated mortgage rates and soaring home prices. However, the recent decline in mortgage rates may encourage more people to enter the market, particularly first-time buyers who lack equity from an existing property.
Source: https://www.floridarealtors.org/news-media/news-articles/2025/02/30-year-mortgage-rates-continue-decrease