SALT LAKE CITY, Utah (KUTV) — Mortgage rates have hit the lowest levels of the year across the nation, though they remain much higher than before inflation took hold during COVID-19.
Following the jobs report on Friday announcing the slowing of new jobs in the United States, mortgage rates made a slight drop.
According to Market Watch, the newest reported average rate on a 30-year mortgage fell to that 10-month low at 6.57%, down from 6.74% in July.
This report comes even after Fed rates have not been cut so far this year.
Here in Utah, the Kem C. Gardner Policy Institute predicts that mortgage rates will continue to fluctuate between six and seven percent in the year, as they have since late 2022.
“Despite the recent pause in price increases, the mortgage payment for a median-priced home continues to exclude many would-be buyers from homeownership,” the local report states.
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The institute reports that in Utah over 70% of mortgage borrowers have interest rates below 5% and many owners are reluctant to give that up when buying a new home.
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