Posted 3/15/2024, 3:50:21 PM
Mortgage Rates Dip Slightly But Remain Near 15-Year Highs as Home Affordability Worsens
- Mortgage rates dropped to 6.74% on average for 30-year fixed-rate mortgages, down from 6.88% last week
- 15-year mortgage rates averaged 6.16%, a slight drop from 6.22% last week
- Mortgage rates are expected to stay higher for longer due to persistent inflation
- Home prices typically increase in the spring and summer as more buyers enter the market
- The annual income needed to afford a home has risen to over $100k, up 80% since 2020
