Following weeks of record U.S. mortgage rates, the average rate on the 30-year mortgage fell to 7.4%.
The decline comes following the U.S. government’s lower-than-expected inflation report and decreasing bond yields.
According to Lawrence Yun, chief economist for the National Association of Realtors, the mortgage rate should reach the 6% range by spring 2024.
The news is expected to motivate U.S. homebuyers to purchase following months of declining home sales in the nation.
