Mortgage Rates Fall Back Below 7%

  • December 14th 2023

by UrbanTurf Staff

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Long-term mortgage rates are back below 7%. 

On Thursday, Freddie Mac reported 6.95% as the average on a 30-year mortgage, down 8 basis points from last week. Rates are now below 7% for the first time since late summer. 

“Potential homebuyers received welcome news this week as mortgage rates dropped below seven percent for the first time since August,” said Sam Khater, Freddie Mac’s Chief Economist. “Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, we likely will see a gradual thawing of the housing market in the new year.”

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_fall_back_below_7/21789.

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