Could the US interest rate cut boost the housing market?

SEPT 18 - Aileen Barrameda is planning to buy a house in Los Angeles in the coming months. Stubbornly high mortgage rates - twice what she locked in at Kenya breaking news | Kenya news today |..

✨ Key Highlights

While the Federal Reserve's recent interest rate cut was anticipated to boost the US housing market, its impact on stabilizing mortgage rates appears limited, with many prospective buyers already seeing a stabilization rather than a significant drop.

The average rate on a 30-year mortgage fell to 6.35% last week, the largest weekly decline in the past year and the lowest level in 11 months.
According to associate finance professor Julia Fonseca, approximately 80% of mortgage borrowers have locked in a rate below the current average of 6.35%.
Aileen Barrameda, planning to buy a house in Los Angeles, is proceeding despite high rates, emphasizing the belief that home prices will continue to rise.

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