Mortgage rates declined marginally in February, with the average 30-year fixed-rate mortgage falling to 6.84%. After climbing steadily since December and peaking at 7.04% in mid-January, rates have been trending downward.
According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage decreased 12 basis points (bps) from January, while the 15-year fixed-rate mortgage fell 13 bps to 6.03%. Although the recent decline in mortgage rates and an increase in the total single-family homes supply are positive signs for buyers, homebuying activity may remain sluggish due to persistent high prices and mortgage rates still exceeding 6%.
The 10-year Treasury yield declined 11 bps to an average of 4.52% in February, reversing its recent upward trend. This shift reflects concerns over a weakening U.S. economy due to inflationary pressures and increasing geopolitical risks. In response, the markets anticipate that the Federal Reserve will resume rate cuts later in the year.
Discover more from Eye On Housing
Subscribe to get the latest posts sent to your email.
This article was originally published by a eyeonhousing.org . Read the Original article here. .
1. Rotate your mattress. Before you put on a fresh set of sheets, take an extra minute to rotate the mattress if you haven’t done so recently. Rotating your mattress every few months will help it wear more evenly and extend its life (and comfort).
2. Pack up a bag of old sheets and towels to donate. If you bought new sheets or towels during January white sales, make some room by letting go of an old set or two. Homeless shelters and some churches will accept donations of bedding and towels in good condition, and animal shelters are often in need of towels. Really worn linens can be cut up and used as rags or dropped in a textile recycling bin.
Find a contractor on Houzz