6.67%: Mortgage Rates Fall to Lowest Level Since June

• December 21st 2023

by UrbanTurf Staff

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Long-term mortgage rates have dropped for six weeks in a row and are now at their lowest level since early summer. 

On Thursday, Freddie Mac reported 6.67% as the average on a 30-year mortgage, down 28 basis points from last week. Rates are now at their lowest level since mid-June. 

“The 30-year fixed-rate mortgage remained below seven percent for the second week in a row, a welcome downward trend after 17 consecutive weeks above seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “Lower rates are bringing potential home buyers who were previously waiting on the sidelines back into the market and builders already are starting to feel the positive effects. A rise in home builder confidence, followed by new home construction reaching its highest level since May, signals a response to meet heightened demand as current inventory remains low.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

This article originally published at https://dc.urbanturf.com/articles/blog/667_mortgage_rates_fall_to_lowest_level_since_june/21811.