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Mortgage Rates Drop, But Will They Continue To Fall?

  • February 2nd 2024

by UrbanTurf Staff

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Long-term mortgage rates dropped this week, but remained in the familiar 6.6% range. 

On Thursday, Freddie Mac reported 6.63% as the average on a 30-year mortgage, down 6 basis points from last week. 

"Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation we expect rates to decline further," said Sam Khater, Freddie Mac’s Chief Economist. "The economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels. These favorable factors should provide strong fundamental support to the market in the months ahead.”

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.

See other articles related to: interest rates, mortgage rate

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_drop_but_will_it_continue/21930.

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