When the Federal Reserve began cutting interest rates last year, many hoped it would make homeownership more affordable. Yet mortgage rates have stayed high, and they’re unlikely to drop significantly over the next few months.

For a 30-year fixed-rate mortgage, the average rate you’ll pay is 6.94% today, down -0.06% compared to one week ago. The average rate for a 15-year fixed mortgage is 6.23%, which is a decrease of -0.02% compared to a week ago.

 

To continue reading the rest of the article, please click on the source link below:

https://www.cnet.com/personal-finance/mortgages/rates-decline-for-prospective-buyers-todays-mortgage-rates-feb-11-2025/