This week's news is about changes in mortgage rates! Mortgage rates are the interest people pay when they borrow money to buy a house. These rates went down, which means it might be a little cheaper to buy a house now. This happened because people are a bit worried about the economy.
- Mortgage rates for a 30-year loan dropped to 6.76% from 6.85%.
- Rates for a 15-year loan fell to 5.94% from 6.04%.
- This is the biggest drop in rates this year.
- People are worried about inflation (prices going up) and the economy.
| Type of Mortgage | Old Rate | New Rate |
|---|---|---|
| 30-year | 6.85% | 6.76% |
| 15-year | 6.04% | 5.94% |
