Hey kids! Did you know that the cost of borrowing money to buy a house (mortgage rates) has gone down? It's like getting a discount on a super-big toy – your future home! This is good news for people looking to buy a house. It means they might pay less each month.
- Mortgage rates are the cost of borrowing money for a house.
- Rates have been dropping for several weeks.
- Lower rates mean lower monthly payments for homeowners.
| Mortgage Type | Rate (approx.) |
|---|---|
| 30-year fixed | 6.28% |
| 15-year fixed | 5.57% |
Remember, these are just average numbers, and your rate might be different. Talk to a grown-up if you have questions about buying a house!
