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Embracing Positive Momentum: Home Loan Costs Reach Six-Month Low

Friday, December 22, 2023   /   by Richard Eimers

Embracing Positive Momentum: Home Loan Costs Reach Six-Month Low

In a promising turn of events, home loan financing costs have once again decreased, driving the average long-term U.S. mortgage rate to a six-month low.

1. Encouraging Rate Drops:

  • The average 30-year mortgage rate has seen a notable decline, dropping from 6.95% to a current 6.67%, marking the eighth consecutive week of decreases and returning to levels seen in late June.


2. Welcoming Trends:

  • Chief Economist Sam Khater of Freddie Mac highlights the positive trend, emphasizing that the 30-year fixed-rate mortgage remains below 7% for the second consecutive week, breaking a streak of 17 weeks above 7%.


3. Beneficial Shift for Homeowners:

  • Borrowing costs for 15-year fixed-rate mortgages, popular among homeowners refinancing, have also decreased, with the average rate now at 5.95%, fostering an optimistic outlook for potential homebuyers.


4. Market Recovery Anticipated:

  • Mortgage rates have been on a easing trajectory since late October, aligning with the decline in the 10-year Treasury yield. This positive development is fueled by hopes of a Federal Reserve shift to cutting interest rates.

5. Upbeat Forecast:

  • Despite recent challenges in the housing market, economists project an increase in home sales next year as mortgage rates continue to decrease, potentially leading to a rise in the inventory of homes on the market.
Amidst these encouraging signs, the housing market looks poised for a positive shift,
providing optimism for both prospective homebuyers and sellers.

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Beach Road Realty
Richard Eimers
17 Roundwood Drive
Inlet Beach, FL
Beach Road Realty

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