Long-term mortgage rates dropped significantly this week as the result of reports that inflation is easing.
Freddie Mac reported 6.61% on a 30-year mortgage this morning, down nearly 50 basis points from last week. It is the largest weekly drop since 1981.
"Mortgage rates tumbled this week due to incoming data that suggests inflation may have peaked," a Freddie Mac press release stated. "While the decline in mortgage rates is welcome news, there is still a long road ahead for the housing market. Inflation remains elevated, the Federal Reserve is likely to keep interest rates high and consumers will continue to feel the impact."
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_see_biggest_drop_in_40_years_fall_to_661/20329.
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