This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

BATON ROUGE, La. (BRPROUD)— Though the U.S. economy continues to face struggles related to inflation, there is some good news on the real estate front.

The Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, says that as of Thursday, July 7, mortgage rates have dropped for the second week in a row with the 30-year fixed-rate mortgage averaging 5.30%.

That’s down from 5.70% in comparison with last week and it’s the largest decline since December of 2008.

According to Bankrate, Louisiana’s current mortgage and refinance rates are 5.71% for a 30-year fixed, and 4.89% for a 15-year fixed.

For many people in Louisiana, and across the U.S., the dream of affording a home seems somewhat out of reach. As a number of families struggle to make ends meet amid inflation, mortgage rates and listing prices are higher than ever.

That said, CNN points out that there may be a silver lining for homebuyers. The news outlet says an increasing number of homes are on the market and Realtor.com’s senior economic research analyst, Joel Berner, is quoted as saying, “With more homes on the market, sellers are being forced to compete on prices. Though the cost of financing a home remains high relative to recent years, buyers will have more chances to find homes in their price range as the undersupplied and overheated housing market starts to cool.”

In any case, locals who require assistance in securing a home can visit:

The Louisiana Housing Corporation’s Website

or

The U.S. Department of Housing and Urban Development’s (HUD Homes) Website

“With more homes on the market, sellers are being forced to compete on prices,” Berner added. “Though the cost of financing a home remains high relative to recent years, buyers will have more chances to find homes in their price range as the undersupplied and overheated housing market starts to cool.”