The market currently projects an interest rate cut in the fall, though two Fed officials floated the possibility of a rate cut this month. "Add to that the borrowing costs of a mortgage, and it's prohibitively expensive for most people to get into the housing market." Prospective buyers waiting for mortgage rates to drop may soon have to adjust to the "higher for longer" rate environment, with mortgage rates fluctuating between 5% and 7% over the longer term.
Author: Katherine Watt
Published at: 2025-07-07 20:52:00
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