This week’s mortgage rates have reached a two -month minimum, there are less than 7%

The mortgage rates continued to decline. (istock)

This week there are good news for potential buyers: mortgage rates continue to shrink. In January, rates reached 7.04%The highest level is since the past of May. This week, however, 30-year-old rates fell to 6.76% for mortgage loans, According to Freddie Mac.

“This week, the mortgage rates have fallen to the lowest level in two months,” said the chief economist Freddie Mack Sam Hater. “Falling a mortgage rate combined with modestly advanced inventory is a encouraging sign for consumers on the market to buy a home.”

Last week, 30-year-old mortgage rates averaged 6.85%, so this week’s drop rates are somewhat significantly. This week, the 15-year mortgage rates also decreased from 6.04% to 5.94% for fixed tariffs.

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In some areas prices for housing strain

Housing prices are reduced in many areas, although they are still not near pandemic prices. About 23% of sellers reduced the prices for the list in January, Zillow found.

“Housing owners are finally returning to the market because the consequences of the ease of blocked over time, but the buyers still fight high monthly costs,” said Zillow Skylar Olsen.

“The sellers are in a good position and are ready to make a price reduction to make a deal,” Olsen said. “The main capital is almost in record highs, and the overall economy and financial markets are surprisingly strong. The houses are sold faster than they did before the pandemic.”

The values ​​of the house have increased by 44% compared to the pandemic, and prices increased by 2.6% compared to last year. Despite the high housing and stubborn buyers prices, more and more sellers are putting their homes on the market because the “Castle Castle” effect begins to weaken.

The new lists increased by almost 12% compared to last year. Sellers seem to be tired of waiting for the tariffs to violate and list their homes in response to different life events. Zillow found that 78% of sellers were influenced by events such as a new job or a change in family size.

Many of these sellers still receive more than initially listed their home. Almost 25% of the houses sold last December sold more than the original list price. This is higher than 19% houses in front of the pandemic.

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Rent is still more affordable than home purchase in most places

Despite the cost of costs Report Realtor.com.

Pittsburgh and Detroit are the only two meters with lower average prices, and these are two of the most affordable cities that can be bought. The average price in Pittsburgh is $ 229,700 and is $ 23950 in Detroit. In both cities, the rent is increased, so buying a home may be cheaper in the ultimate.

“For most home -owned Americans is still a majority of the American dream, but lower monthly rental costs in all except the two of the 50 largest markets are a key issue,” said the chief economist of Realtor.com Daniel Hayle. “This is a relative advantage – this is one of the reasons when we expect to increase households of tenants and decreased homeownership levels in 2025.”

The rent may be cheaper than the ownership, but the rental costs are still high, although the rent is technically falling across the country. The rental costs in January 2025 are lower than in 2024 and 2023, but they are still exceeding the rental prices from January 2020 at $ 257, found Realtor.com.

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