According to BlockBeats, on August 23, Freddie Mac announced that the average interest rate for a 30-year fixed-rate mortgage has decreased to 6.46%, down from 6.49% the previous week. This decline follows a significant drop from earlier this year when borrowing costs surpassed 7%, enhancing homebuyers' purchasing power and encouraging some potential buyers to re-enter the market. The National Association of Realtors (NAR) reported on Thursday that U.S. existing home sales rose in July for the first time in five months. Although there was a 1.3% month-over-month increase in July, it remains the slowest July growth rate since 2010, indicating that high home prices and a shortage of affordable housing continue to deter many Americans. Buyers and sellers may also be waiting for further declines in financing costs before making decisions.Freddie Mac's Chief Economist Sam Khater noted, 'Earlier this month, rates dropped significantly and are now hovering just below 6.5%. However, this is not enough to motivate potential homebuyers. We anticipate that rates may need to decrease by another percentage point to stimulate buyer demand.'
