The Line: Mortgage Rates Fall Below 6% for the First Time in Over Three Years

This week, we celebrate a milestone for mortgage rates, and wonder if anyone’s job is safe from AI.

Mortgage Rates Fall Below 6% for the First Time in Over Three Years

What a great way to start off this week’s column! According to Freddie Mac, the average 30-year conforming mortgage rate fell to 5.98% this week, its first time below 6% since September of 2022. One year ago, mortgage rates were averaging 6.76%.

Here’s what home buyers need to know:

• This is the moment many of you have been waiting for.





• Don’t get greedy and say things like “I’m going to wait until rates fall to 5.5%.” One bad inflation report, or a better-than-expected jobs report could push rates back above 6% very quickly.





• Don’t wait for the Federal Reserve to cut rates because that may take several months, and the Fed’s action has no direct correlation to 30-year mortgage rates. That means that Fed cuts don’t necessarily mean mortgage rates will go down, in fact, they can have the opposite effect.





• According to the National Association of Realtors, March generally brings the year’s biggest spike in home sales, so now’s the time to take another look at what’s out there.

Higher-Income Workers Now Worried About Being Replaced by Artificial Intelligence

We’ve been hearing for months that AI would be taking away entry-level jobs, but now that threat has moved upward. According to several recent surveys, high-income workers are now more afraid for their jobs than lower income ones. The University of Michigan Survey of Consumers showed that confidence in the labor market is near historic lows for high-income workers. A UBS economist has attributed their concerns to “AI fear.”

My first thought after reading all this was “could I be replaced by AI?” Could AI write a better column than me? My mother doesn’t think so, but I digress.

This fear of AI might also be a main reason why turnover in white-collar occupations is also near a record low. I wouldn’t hit the panic button yet, but AI is already an incredibly powerful tool that makes our lives easier. Knowing that, we should all be stepping up our game.