Mortgage rates hold steady after Fed rate cut

Core Insights - Mortgage rates remained stable this week, with the 30-year fixed rate averaging 6.30% [1] - The current mortgage rates for various loan types show slight changes compared to previous weeks and years, with the 30-year fixed rate down from 6.94% a year ago [2] - The average total of 0.34 discount and origination points for 30-year fixed mortgages indicates a competitive lending environment [2] Current Mortgage Rates - The 30-year fixed mortgage rate is currently at 6.30%, slightly down from 6.32% four weeks ago and significantly lower than 6.94% one year ago [2] - The 15-year fixed mortgage rate remains unchanged at 5.57%, while the 30-year jumbo mortgage rate is at 6.49%, up from 6.47% four weeks ago [2] Economic Context - The U.S. economy expanded by 4.3% in the summer months, which may influence mortgage rates as good economic news typically leads to higher rates [5] - The Mortgage Bankers Association anticipates that despite some expectations for rates to dip below 6% in 2026, the combination of a growing economy and persistent inflation will keep rates around 6.4% for the year [6] Housing Market Outlook - Increased housing inventory and stabilizing home prices create a favorable environment for potential buyers and those looking to refinance [4] - The national median family income for 2025 is projected at $104,200, with the median home price at $409,200, leading to a monthly payment of $2,026, which constitutes about 23% of a typical family's income [3]