The average rate for a 30-year fixed mortgage stands at 6.47%, data shows.
said on Thursday. That figure marks a drop of more than a percentage point from a peak attained last year after the Federal ReserveThe Fed has held interest rates steady at their highest level in two decades, however. So, why are mortgage rates plummeting?that the Fed will begin to cut interest rates at its next meeting in September.
"Because the mortgage rates are priced off of current treasury rates, the treasury rates have already incorporated these expectations for future rate cuts," Liu added. "We've reached peak interest rates," Nieuwerburgh told ABC News. "Mortgage rates are likely to come back down for the next several years."
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