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Home News Macro

Mortgage Rates Plummet: Biggest Drop in Two Years!

by Team Lumida
August 7, 2024
in Macro
Reading Time: 2 mins read
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Key Takeaways:

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1. US mortgage rates dropped to 6.55%, the largest fall in two years.
2. Lower rates could boost housing demand and affordability.
3. Watch for potential impacts on real estate and consumer spending.

What Happened?

US mortgage rates have significantly decreased to 6.55%, marking the largest drop in two years. This decline follows recent economic data suggesting slowing inflation.

Freddie Mac reported that the average 30-year fixed-rate mortgage fell from 6.94% to 6.55%. This sudden drop comes amid broader economic conditions that have eased pressure on long-term interest rates.

Why It Matters?

Lower mortgage rates can have a substantial impact on the housing market and broader economy. Reduced rates often lead to increased homebuyer demand, making homes more affordable and stimulating real estate transactions.

For investors, this trend could signal a potential rise in housing-related stocks and consumer spending on home improvements and furnishings. Freddie Mac’s chief economist, Sam Khater, noted, “The significant drop in mortgage rates, combined with recent data indicating slowing inflation, is good news for the housing market in the short term.”

What’s Next?

Expect increased activity in the housing market as buyers take advantage of lower borrowing costs. This could lead to a short-term boost in home sales and prices.

However, investors should also monitor the Federal Reserve’s future actions on interest rates, as any further adjustments could impact mortgage rates and market dynamics. Watch for shifts in consumer behavior, particularly in spending on housing and related sectors, as these could drive economic trends in the coming months.

Source: Bloomberg
Tags: InflationInterest Rates
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018