Mortgage rates in the US have fallen below 6 percent for the first time in three years

 

 

PP Cherian

Washington: Mortgage rates in the US have fallen below 6 percent for the first time in three years. According to the latest figures released by Freddie Mac, the average 30-year fixed-rate mortgage has fallen to 5.98%.

The rate, which was 6.01% last week, has now fallen. This is the first time since September 2022 that the rate has fallen below 6 percent.

Economists point out that this reduction in rates will save hundreds of dollars in the monthly payments of ordinary people. It is estimated that lower rates will encourage more people to buy homes in the coming spring.

Government intervention: As part of the activation of the housing market, the Trump administration had instructed Fannie Mae and Freddie Mac to buy mortgage bonds. This is believed to help rates fall further. This price reduction is a great opportunity for those looking to buy a home.