Long-Term Mortgage Rate Hits 10-Month Low
Rates on 30-year mortgages fell to 6.56% from 6.58% last week while rates on 15-year mortgages held steady at 5.69%.
Will a Rate Cut Lower Mortgage Rates?
Fed rate cuts may not lower mortgage rates right away, as they follow long-term Treasury yields. Prices may still sideline buyers.
NAR: July Pending Home Sales Decrease 0.4%
In the South, pending home sales dipped 0.1% in July but rose 1.8% year-over-year, marking the strongest annual increase among all U.S. regions.