Mortgage Rates Drop Slightly, Home Loan Demand Declines

The 30-year fixed-rate mortgage has seen a slight decline, dropping by two basis points, which has positively influenced purchase applications this spring, according to Freddie Mac. Despite this, mortgage rates remain higher than in previous years, highlighting the importance of selecting the right lender for potential homebuyers. In Australia, a recent report indicates that 1.5 million Australians are 'At Risk' of mortgage stress, although the percentage has slightly decreased following a recent interest rate cut. Analysts expect further cuts from the Reserve Bank, which could alleviate mortgage stress for many homeowners. Meanwhile, in Kenya, projections suggest that the Central Bank may lower lending rates below 10% for the first time in nearly 18 years, contributing to cheaper loans and boosting consumer spending. This trend reflects a broader global concern regarding mortgage affordability and the impact of interest rate fluctuations on homebuyers.