US Mortgage Rates Ease, Homeownership Hits 2019 Low

The average U.S. 30-year fixed mortgage rate has eased slightly to around 6.72%, which continues to present affordability challenges for homebuyers despite being below the 2023 peak. The housing market remains subdued, with sluggish sales, elevated home prices, and a homeownership rate at its lowest since 2019. The 15-year fixed mortgage rate has also declined marginally, making refinancing a potential option for some homeowners, though higher monthly payments are a consideration. Mortgage rates continue to be shaped by Treasury yields, Federal Reserve policy, inflation, and global events, with rates largely staying in the 6-7% range throughout 2024 and 2025. Experts advise borrowers to compare rates and fees from multiple lenders to find the best offer. Forecasts indicate that rates may gradually decline later in the year, but economic uncertainty persists.