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Mortgage Rates Drop To Lowest Level Since Last Summer

  • January 18th 2024

by UrbanTurf Staff

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Mortgage rates fell this week and are now at their lowest level since the beginning of last summer. 

On Thursday, Freddie Mac reported 6.6% as the average on a 30-year mortgage, down 6 basis points from last week. It is the lowest that long-term rates have been since May. 

“This is an encouraging development for the housing market and in particular first-time homebuyers who are sensitive to changes in housing affordability," said Sam Khater, Freddie Mac’s Chief Economist. "However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale.”

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 rates

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_drop_to_lowest_level_since_last_summer/21874.

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