Latest Mortgage Rate News - Mortgage rates drop for the ninth week in a row

U.S. mortgage rates continued to drop this week for the ninth week in a row, extending the good news for home buyers who have been facing the least affordable housing market since the 1980s. The 30-year fixed-rate mortgage rate fell to an average of 6.61 percent during the week ending December 28, down from 6.67 percent the previous week, according to data from Freddie Mac released Thursday. One year ago, the average 30-year fixed rate was 6.42 percent. 

Economists are expecting further declines in mortgage rates in 2024, because officials from the U.S. Federal Reserve forecast a median of three rate cuts next year. While the fed does not set the interest rates that borrowers pay on mortgages, its actions influence them.

 

To learn and read more about what this means for you as a home buyer or home owner, visit: