Big news about mortgages! Mortgage rates, which is the cost of borrowing money to buy a house, went down a little last week. This means it's slightly cheaper to get a home loan now. But even with the drop, people aren't buying houses much more than before. Home prices are still high, so buying a house is still expensive.
- Mortgage rates fell to 6.88%.
- This is the lowest rate this year, but still pretty high.
- People aren't buying many homes because of high prices and rates.
| Fact | Number |
|---|---|
| Rate Drop | 5 basis points |
| Current 30-year mortgage rate | 6.88% |
