Analysts believe a modest drop in mortgage rates could prove to be a "magic bullet" for the U.S. housing market.

The price of homeownership remains out of reach for many Americans as home prices remain high and mortgage rates continue to hover close to 7%.

High home prices and mortgage rates have made the housing market especially tough for millennials, leaving many priced out of buying larger or new homes. As a result, a growing number of homeowners are opting to renovate by tapping home equity to stay put.

Mortgage rates today are steady, but loan demand fell 10% after recent rate increases. See what’s driving today’s trends.

After a historical rate plunge in August 2021, mortgage rates skyrocketed in the first half of 2022. The 30-year average shot to 6.38% by June 2022, which was more than double the rate of 2.89% ...

According to Smith, mortgage rates could move lower slowly and steadily, but numerous risks could also keep rates elevated. Fannie Mae now expects rates around 6.1% by the end of 2025 and 5.8% by ...

Historic mortgage rate trends. During the last three years, mortgage rates have been on the rise. In early 2022, the average 30-year fixed rate was 4.72% and the 15-year fixed rate was 3.91%.

After a historical rate plunge in August 2021, mortgage rates skyrocketed in the first half of 2022. Indeed, the 30-year average's mid-June peak of 6.38% was almost 3.5 percentage points above its ...