3 sources·Business

30-Year Mortgage Rates Slightly Eased Yet Remain Unaffordable for Many Homebuyers

The average 30-year mortgage rate in the U.S. dropped to 6.95%, still near 7%, hindering homebuyers as the market slows down.

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  1. Mortgage rates tick lower, hover near 7%

    Despite a slight decrease in mortgage rates, the overall financial climate continues to present significant challenges for homebuyers, keeping many on the sidelines.

    Mortgage rates tick lower, hover near 7%

    Fox BusinessFox Business·2M
    Mostly Reliable
    This source is generally reliable but sometimes includes opinion, propaganda, or minor inaccuracies.
    ·
    Leans Right
    This outlet slightly leans right.
  2. Average rate on 30-year mortgage eases, but remains just below 7%

    While mortgage rates have eased slightly, they still provide little respite for homebuyers facing a challenging market as they prepare for the spring season.

    Average rate on 30-year mortgage eases, but remains just below 7%

    ABC NewsABC News·2M
    Reliable
    This source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.
    ·
    Center
    This outlet is balanced or reflects centrist views.
  3. Average rate on 30-year mortgage eases for second week in as row, but remains just below 7%

    With the outlook for mortgage rates remaining bleak, potential homebuyers are left grappling with affordability challenges and the significant burden of high borrowing costs, which continue to dampen the housing market.

    Average rate on 30-year mortgage eases for second week in as row, but remains just below 7%

    Associated PressAssociated Press·2M
    Reliable
    This source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.
    ·
    Center
    This outlet is balanced or reflects centrist views.
  1. Fox Business
  2. ABC News
  3. Associated Press
Jan 30th, 2025, 4:16 PM ET

Summary

A summary of the key points of this story verified across multiple sources.

The average 30-year mortgage rate in the U.S. slightly decreased to 6.95%, continuing to pose affordability challenges for homebuyers. Despite a nominal easing, rates remain just below 7%, with 15-year fixed-rate mortgages also declining slightly. Economists predict high rates will persist, impacting the housing market as home sales slump and inventory rises. Prospective buyers are increasingly sidelined due to elevated borrowing costs, as market volatility continues amid economic uncertainties.

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30-Year Mortgage Rates Slightly Eased Yet Remain Unaffordable for Many Homebuyers - Pano News