Jill On Money: Is 6% the solution to housing affordability?

Last week, the average for 30-year fixed mortgage rates dropped below 6% for the first time in 3½ years. Freddie Mac reported that as of Feb. 26, the 30-year rate was 5.98%, down from 6.76% a year ago, and significantly lower than the recent peak of 7.8% in October 2023.

Lower rates should help borrowers, but important, they may also encourage sellers to list their homes and move. As of the end of Q3 (the most current data available), the percentage of outstanding home loans under 4% is 51.5%...