Some good news for the housing industry!  The mortgage-financing giant, Freddie Mac, said last week that mortgage rates have fallen below 6 percent for the first time in more than three years, offering a glimmer of hope that a frozen housing market may be set to thaw.

The average 30-year mortgage rate in the United States fell to 5.98 percent down from nearly 7 percent around the same time last year. The last time the rate was below 6 percent was in September 2022.

“That amounts to hundreds of dollars’ reduction in mortgage payments,” said Stijn Van Nieuwerburgh, a professor of real estate at Columbia Business School.

Mortgage rates peaked at just under 7.8 percent in October 2023 and drifted down gradually, stifling the market for Americans struggling to afford to buy homes as well as for homeowners reluctant to sell. Housing is a crucial driver of the U.S. economy, serving as the most important asset for millions of American households.

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