Mortgage Rates Drop Below 7% to Lowest Since May, Offering Relief to Homebuyers
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Mortgage rates in the U.S. fell to 6.62%, the lowest since May, after the Fed signaled an end to rate hikes and potential future cuts.
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The drop below 7% aligns with the Fed's decision to pause hikes, which caused Treasury markets and mortgage rates to fall.
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Lower borrowing costs could help thaw the housing market after 2022's rate surges.
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With the lowest rates since spring, first-time buyers and refinancers get relief.
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Rates may have to fall further to really reinvigorate housing demand, which has been stifled by high costs.