Long-term mortgage rates continued to head south before Thanksgiving.
Late last week, Freddie Mac reported 7.29% as the average on a 30-year mortgage, down 15 basis points from the previous week.
“In recent weeks, rates have dropped by half a percent, but potential homebuyers continue to hold out for lower rates and more inventory," said Sam Khater, Freddie Mac’s Chief Economist. "This dynamic is reflected in the latest data showing that existing home sales have fallen to a thirteen-year 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/mortgage_rates_continue_to_fall/21720.
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