U.S. and Irish Mortgage Rates Hit Record Lows

Mortgage rates in the U.S. continue to decline, with the average 30-year fixed mortgage rate dropping to 6.53% and the 15-year fixed rate to 5.87%, according to Zillow data, while Freddie Mac reported a decrease to 6.87% for 30-year fixed-rate mortgages, contributing to a rise in refinancing applications by 10%. Despite these declines, the market remains uncertain due to persistent inflation and elevated rates, with predictions of a potential rise in home sales in 2025 following a low in 2024. In Ireland, mortgage rates have also fallen to a 20-month low of 3.8%, with expectations of further declines as the European Central Bank continues to cut rates. This trend indicates potential savings for borrowers and increased activity in the housing market in both regions.