The long-term cost of a home loan remains above 7%, but the trendline is moving in a positive direction for consumers and lenders even after the Federal Reserve paused its rate-cutting cycle last week.
Data at HousingWire’s Mortgage Rates Center shows that rates for 30-year conforming loans averaged 7.10% on Tuesday, down 4 basis points (bps) from a week ago and 8 bps lower than two weeks ago. Rates for 15-year conforming loans have shed 10 bps over the past two weeks and stood at 7.32% on Tuesday.