Story perspectives

Mortgage Rates Dip, But Housing Shortage Persists

2/2/2025

50 3

Summary

Story summary

The average 30-year fixed mortgage rate is 6.96% as of January 31, 2025, a slight decrease from 7.01% last week.
Economic pressures and elevated home prices are causing cautious buyer behavior and possible seller price adjustments.
Homeowners with rates below 6% are hesitant to sell, resulting in a U.S. housing shortage of 3.7 million units.
Experts recommend buyers prioritize long-term affordability and remain updated on economic factors influencing mortgage rates.

1 of 1

Story summary

The average 30-year fixed mortgage rate is 6.96% as of January 31, 2025, a slight decrease from 7.01% last week.
Economic pressures and elevated home prices are causing cautious buyer behavior and possible seller price adjustments.
Homeowners with rates below 6% are hesitant to sell, resulting in a U.S. housing shortage of 3.7 million units.
Experts recommend buyers prioritize long-term affordability and remain updated on economic factors influencing mortgage rates.