U.S. Mortgage Rates Drop to Three-Year Low Following Bond Purchase Initiative

U.S. mortgage rates have fallen to their lowest levels in over three years, with the average 30-year fixed rate dropping to 6.06% and the 15-year fixed rate to 5.38%. This decline follows President Trump's directive for Fannie Mae and Freddie Mac to purchase $200 billion in mortgage-backed securities, boosting bond demand and lowering yields. While this easing improves affordability and has increased refinance applications, housing market challenges like high prices and limited inventory persist amid economic uncertainties.