Mortgage rates in America dropped to their lowest level since June
CNN
US mortgage rates continued to plunge this week – good news for home buyers who have been facing the least affordable housing market since the 1980s.
US mortgage rates continued to plunge this week – good news for home buyers who have been facing the least affordable housing market since the 1980s. After dropping under 7% last week for the first time since mid-August, rates fell again this week. The 30-year fixed-rate mortgage rate fell to an average of 6.67% in the week ending December 21, down from 6.95% the previous week, according to data from Freddie Mac released Thursday. A year ago, the average 30-year fixed-rate was 6.27%. It was the eighth-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. “Lower rates are bringing potential homebuyers who were previously waiting on the sidelines back into the market,” said Sam Khater, Freddie Mac’s chief economist said in a statement. He said homebuilders are also starting to feel the positive effects.
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