Mortgage rates held steady this week, with the average 30-year fixed rate at 6.74% and the 15-year fixed rate at 5.87%. Home purchase applications rose 3%, while refinancings dropped 3%. Economists remain optimistic about the housing market due to strong economic performance.

Despite stable rates, home sales may reach record lows this year. Realtor.com predicts a 1.5% annual decrease to 4 million transactions, compared to last year’s 4.06 million. Sales were expected to rise in 2025 but are now projected to decline further.

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Read more at Yahoo Finance: Mortgage rates hold steady at 6.74%