Mortgage rates hit lowest level in over a year: report

Mortgages rates have hit the lowest point since April 2023, new data shows, as recession fears reach the housing market.

Real estate company Redfin said in a report on Thursday that mortgage rates hit a daily average of 6.34 percent earlier this week. The company cited the recent underperforming jobs report and resulting “recession jitters” as a key factor behind the decline.

The median home sale price has also seen a downward trajectory, hitting $389,750 in the four-week period that ended on Sunday.