Real estate in the United States is considered to be at its lowest level in one month in 30 years.

With the easing of tensions in the Middle East, inflation concerns have cooled down, and mortgage rates in the United States have dropped to the lowest level in a month, providing some relief for home buyers. According to a statement from Freddie Mac on Thursday, the average interest rate for a 30-year fixed-rate mortgage decreased from 6.52% a week ago to 6.47%. A year ago, the rate was 6.81%. After a period of turbulent fluctuations in borrowing costs, the spring home sales season is coming to a close. Previously, mortgage rates surged due to the Iran conflict at the end of February. However, the announcement of a temporary peace agreement this week and the news that the Strait of Hormuz is expected to reopen have pushed crude oil prices down, helping to alleviate the upward pressure on mortgage rates. The spring sales season has shown unexpected resilience. The National Association of Realtors reported on Wednesday that pending home sales for existing homes in May increased by 3.8%, although they are still at historical lows. This indicator is more forward-looking than sales volume, and the increase in pending sales suggests that buyers may be gradually adjusting to higher rates.