Mortgage Rates Drop, But Home Prices Still Soar

0:00It's April 23rd. Welcome to California News today, powered by AI. US Mortgage rates are dropping for the third straight week, hitting 6.23% for the average 30-year fixed loan, down from. 6.3% last week, that's the lowest since March 19th, when it's set at 6.22%. A year ago, it was even higher at 6.81%. The 15-year fixed rate also eased up, falling to 5.58% from 5.65%. That's better than last year's 5.94% average, giving folks refinancing a bit more breathing room. Homebuyers are filling summer leave heading into spring season, but experts say rates could stay bumpy. Factors like Federal Reserve moves and the 10-year Treasury bond yields are driving this trend, with bonds easing lately and pulling mortgage costs. Economist Lisa Sturdervent notes will need steady energy markets and cooling inflation for real momentum, not just short dips. Even with cheaper borrowing, home prices keep climbing

1:01fast, way above inflation, making ownership tougher for many Americans, according to Fresh, wallet hub data. Keep watching as this plays out for the housing game.