Mortgage Rates Stabilize Amid Market Fluctuations.

This week, mortgage rates have shown signs of stability after recent volatility. The average rate for a 30-year fixed mortgage is around 6.58%, slightly lower than last year. This stabilization has led to a surge in refinancing, with applications up by 16.8% as homeowners seek to take advantage of the lower rates. Analysts predict rates could decrease further if the Federal Reserve enacts a rate cut in September, potentially dropping to around 6% by the end of 2024.