Mortgage rates drop for the ninth week in a row
CNN
US mortgage rates continued to drop this week, which extends the good news for home buyers who have been facing the least affordable housing market since the 1980s.
US mortgage rates continued to drop this week, which extends the good news for home buyers who have been facing the least affordable housing market since the 1980s. After dropping under 7% in early December for the first time since mid-August, rates fell again this week. The 30-year fixed-rate mortgage rate fell to an average of 6.61% in the week ending December 28, down from 6.67% the previous week, according to data from Freddie Mac released Thursday. A year ago, the average 30-year fixed-rate was 6.42%. It was the ninth-straight week of declines, dragged lower by the anticipation of Federal Reserve rate cuts beginning next year. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit. A current buyer’s rate may be different. “The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down,” Sam Khater, Freddie Mac’s chief economist said in a statement on Thursday.
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