How low do mortgage rates need to go before borrowers appear?
Even as the real estate and mortgage markets are seeing light at the end of the tunnel following two difficult years of conditions, mortgage rates have yet to ease enough to create a surge of demand for purchase loans and refinances.
At HousingWire‘s Mortgage Rates Center on Tuesday, the rate for 30-year conventional loans stood at 6.64%, down 5 basis points (bps) from a week ago. The 15-year conventional rate averaged 6.28%, up 3 bps from a week ago.
After Federal Reserve Chair Jerome Powell delivered remarks late last week at the Jackson Hole Symposium, a cut to the federal funds rate next month was all but cemented. The question now is how large the cut will be.
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