This story is free to read because readers choose to support LAist. If you find value in independent local reporting, make a donation to power our newsroom today.
Mortgage Rates Retreat as Housing Market Slows
Listen
0:00
Listen
On Fridays we focus on your money. Today we begin with mortgage rates. They've been quietly slipping over the past two months. New figures out this week from Freddie Mac show the average rate on a 30-year fixed loan to be 6.4 percent, down from 6.8 percent just a month ago. NPR's Chris Arnold reports.
CHRIS ARNOLD reporting:
The monthly payment on a $300 thousand, 30-year fixed mortgage is now about $80 cheaper than it was earlier this summer. In part, that's a sign that banks think inflation is under control. Another factor is the weakening housing market. Fewer people are looking for mortgages.
Holden Lewis with BankRate.com says that's putting the squeeze on lenders to lower rates.
Mr. HOLDEN LEWIS (BankRate.com): A lot of mortgage people are being laid off, and there's a lot of mortgage companies out there that are trying not to lay off employees. And so people are offering really good mortgage deals just to keep the money coming in, just to keep the business flowing.
ARNOLD: But people with adjustable-rate mortgages could still see their payments rise sharply. So Lewis says it's a good time for them to consider refinancing into a fixed-rate mortgage.
Chris Arnold, NPR News, Boston. Transcript provided by NPR, Copyright NPR.
You come to LAist because you want independent reporting and trustworthy local information. Our newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our connected community. We are free to tell the full truth, to hold power to account without fear or favor, and to follow facts wherever they lead. Our only loyalty is to our audiences and our mission: to inform, engage, and strengthen our community.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive from readers like you will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive from readers like you will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Senior Vice President News, Editor in Chief
