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.S. economy.
Data from the U.S. Bureau of Labor Statistics (BLS) shows an addition of 114,000 jobs in July, which was below both analyst’s expectations, as well as below the average of monthly gain over the past year (215,000 jobs). The unemployment rate has risen for three consecutive months, as well, which experts say has historically been a sign of a recession.
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