US Mortgage Rates Drop Slightly, Still Hovering Near Highest Levels Since 2000

Economic pressures pushing borrowers to consider adjustable rate mortgages as national average for a 30-year fixed-rate drops to 7.76%, first decline after steady increase for seven weeks.

Despite a small drop, US mortgage rates are hovering near the highest levels since 2000, with a national average for a 30-year fixed-rate mortgage dropping to 7.76%.
The increase in mortgage rates is driven by factors such as the Federal Reserve's current monetary policy, the state of the bond market, especially 10-year Treasury yields, and competition between mortgage lenders.
Economic pressures are leading borrowers to consider adjustable rate mortgages (ARMs) instead of conventional home loans.
For homeowners struggling to keep up with mortgage payments, there are several options available, including loan forbearance, refinancing the loan, loan modification, or seeking government assistance programs.
Mortgage rates continue to impact the housing market with high rates discouraging homeowners from selling and reducing the affordability of homes for prospective buyers.