U.S. 30-Year Mortgage Rates Drop to Lowest Level in Eight Weeks
February 21, 2025 - 02:04
The average rate on a 30-year mortgage in the United States has decreased for the fifth consecutive week, reaching its lowest point since late December. This decline comes as a positive development for potential homebuyers, coinciding with the peak season for home sales. According to recent data, the average rate slipped to 6.85%, down from 6.87% the previous week.
In addition to the 30-year mortgage rates, borrowing costs for 15-year fixed-rate mortgages, which are often favored by homeowners looking to refinance, also saw a reduction this week. This trend may signify a shift in the housing market, potentially encouraging more buyers to enter the market as affordability improves.
As the spring home-buying season unfolds, the decrease in mortgage rates could stimulate activity, making it an opportune time for buyers to explore their options in a competitive market. The ongoing adjustments in borrowing costs reflect broader economic trends and the evolving landscape of mortgage financing.
MORE NEWS
June 25, 2025 - 05:06
Prudential Financial's PGIM Unifies Credit Units into a $1 Trillion PlatformIn a strategic move to bolster its position in the financial market, PGIM, a subsidiary of Prudential Financial, has announced the merger of its credit units to create a formidable $1 trillion...
June 24, 2025 - 03:10
From Waukee High School to Wall Street: The Inspiring Journey of Sheldon FoxSheldon Fox`s journey from Waukee High School to a successful career in finance in New York City highlights the power of hands-on learning and real-world experience. A decade ago, he was just an...
June 23, 2025 - 02:39
Today's HELOC Rates See a Notable DecreaseHome equity line of credit (HELOC) rates have dropped further, now standing at an appealing 6.68%. This decline presents an attractive opportunity for homeowners, especially those with low primary...
June 22, 2025 - 04:42
The Rising Threat of AI-Enhanced Cyber Scams in Personal FinanceAmericans faced staggering losses of $12.5 billion due to fraud last year, as reported by the Federal Trade Commission. This alarming figure highlights the growing sophistication of cyber scams,...