30-Year Mortgage Rate Dips to 6.46%; Home Sales Rise

Mortgage rates have reached a recent low, leading analysts to predict a further decline in the coming months to encourage potential home buyers. The average rate for 30-year mortgages in the United States dipped slightly to 6.46 percent, the lowest level since May 2023. Despite this, rates still need to decrease another percentage point to generate buyer demand. The Federal Reserve is expected to lower interest rates in September, indirectly putting more downward pressure on mortgages. Existing-home sales saw a modest increase in July, signaling potential improvement in the housing market.