(AURN News) — If you’re looking to buy a house, there may be a silver lining — even as economic uncertainty leaves much of the country in limbo.
A new report from Redfin says mortgage rates have fallen to a 10-month low, now sitting at 6.57%.
Redfin gives the example of a typical U.S. home priced at $447,000, which would come with a monthly mortgage payment of $2,862 at the current rate. If the rate were above 7%, that same monthly payment would increase by more than $100.
The update comes after a weak July jobs report that also showed a rise in unemployment.
For Black Americans, the unemployment rate jumped to 7.2% in July — up from 6.8% in June. The spike follows the Trump administration’s decision to end diversity, equity and inclusion efforts in the workplace.
Meanwhile, the white unemployment rate held steady at 3.7%.
Click play to listen to the AURN News report from Jamie Jackson:
The post Mortgage Relief Is Here — but Who Gets It? appeared first on American Urban Radio Networks.
