H
ome loan rates continued their downward trend for the sixth consecutive week, influenced by growing concerns about the economy. According to Freddie Mac's latest data, 30-year fixed-rate mortgages averaged 6.63% as of March 6, a decline from last week's 6.76%. This represents the largest weekly drop since mid-September.

    Market observers initially predicted rising interest rates at the start of the year, but instead, rates have steadily decreased in tandem with economic warning signs. The recent escalation of tariffs into an all-out trade war and slowing hiring in February have contributed to this trend. Retailers also report a decline in consumer spending.

    Real estate agents like Steve Reese in Shawnee, Oklahoma, are noticing a decrease in market activity, attributing it to consumers' growing uncertainty about the economy's future. However, lower interest rates offer some relief, with refinancing applications reaching 44% of total mortgage applications, the highest level since mid-December.

    For those considering buying or refinancing, experts recommend working with local lenders who can provide guidance on navigating the complex market. Reese advises his clients to be cautious and wait for clearer economic signals before making a decision.