Mortgage Rates Just Dipped Below 7%—and May Go Even Lower. Here’s Why.
By Margaret Heidenry | REALTOR.COM Homebuyers have a lot to be joyful for right now as mortgage rates have dipped below 7%—the first time they’ve done so since August. For the week ending Dec. 14, rates for a 30-year fixed-rate home loan averaged 6.95%, according to Freddie Mac. And odds are, mortgage rates will continue their long-awaited downward trend, providing some much-needed relief on the affordability front to homebuyers. “Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the target rate next year, we likely will see a gradual thawing of the housing market in the new year,” says Sam Khater, Freddie Mac’s chief economist. In...
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