Home loan rates have decreased for the sixth consecutive week amid worries about the economy impacting financial markets. According to Freddie Mac’s announcement on Thursday, the average 30-year fixed-rate mortgage for the week ending March 6 was 6.63%, down from 6.76% the previous week, marking the largest weekly decline since mid-September. These rates do not include additional fees or points, and rates can vary in different regions compared to the national average. At the beginning of the year, many experts anticipated a rise in rates, but the opposite trend has unfolded. Despite a slight increase in early January, rates have steadily dropped following concerns about the economy. Recent events such as the escalating trade war, slowdown in hiring, and increased job cuts have raised uncertainty among consumers and investors. Real estate professionals like Steve Reese in Shawnee, Oklahoma, have noticed a slowdown in market activity and increased caution among buyers due to economic uncertainties. However, one positive outcome of the economic challenges is the lower interest rates, resulting in a rise in mortgage refinancing applications. Consumers are advised to work closely with local lenders to track rates and make informed decisions regarding refinancing or home purchases in the current economic climate.
