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Mortgage Rates Hit 5-Week Low, Offering Relief to Homebuyers
Mortgage Rates Hit 5-Week Low, Offering Relief to Homebuyers
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BTCCSquare news:
Mortgage rates have dropped to their lowest level since June, with the 30-year fixed rate averaging 6.78%. This decline saves borrowers approximately $1,020 annually compared to the spring peak of 7.14% in mid-April. While experts caution against expecting near-term rate relief, the current environment presents a strategic window for homebuyers to lock in favorable terms.
The recent dip follows a volatile period spurred by Treasury yield fluctuations and geopolitical trade proposals. Jumbo loan rates have retreated to April levels, while conventional rates continue their downward trajectory from June highs. Market uncertainty persists, but the ability to refinance later mitigates timing risks for qualified buyers.
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