Mortgage rates just fell below 6% for the first time in years
NBC News••business
Key Points:
- Mortgage rates fell below 6% for the first time in years, with the 30-year fixed rate dropping to 5.99% following President Trump's directive to buy $200 billion in mortgage bonds.
- Fannie Mae and Freddie Mac are responsible for purchasing these bonds, having already begun buying $3 billion as part of this initiative, which aims to increase lending capacity and lower mortgage costs.
- The move is intended to address housing affordability amid rising living costs, with analysts suggesting it could stimulate new construction and home sales by reducing mortgage rates further.
- Despite the rate drop, some experts caution the plan's overall impact may be limited since most homeowners hold mortgages at lower rates, and $200 billion represents a small fraction of the
