Mortgage Rates Decline After Fed Holds Interest Rates Steady

The Federal Reserve's decision to pause rate hikes offers relief to homebuyers, but affordability challenges persist.

Average 30-year mortgage rates have dropped to the mid-6% range, with potential for further declines later in 2024.
The Fed's pause on rate hikes is expected to keep mortgage rates relatively stable in the short term.
Economists debate the Fed's approach, with some suggesting alternative measures to address housing affordability.
Higher mortgage rates have slowed home sales but kept home prices near record levels.
Home equity lines of credit (HELOCs) are becoming a popular option for homeowners amid high mortgage rates.