Source: Yahoo! Money —
Mortgage rates retreated further this week, hitting their lowest point since September, but economic uncertainty continues to weaken homebuyer demand.
The rate on the average 30-year fixed mortgage declined to 6.33% this week from 6.49% the week prior, according to Freddie Mac. Rates have fallen three-quarters of a point in the last month, as signs of cooling inflation have raised prospects that the Federal Reserve will slow its aggressive interest rate hikes.
Still, with rates more than double what they were at the start of the year, many homebuyers’ budgets have yet to recover as affordability remains a top concern.
“The overall sentiment that I’m experiencing with clients is skittishness, they want to see what the market does and make the right approach,” Scott Sheldon, branch manager at New American Funding, told Yahoo Money. “They want to wait until January… see if interest rates start to slowly trickle down [more].”