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Real Estate Forecast | Beach Road Realty Blog

Friday, December 22, 2023   /   by Richard Eimers

Average Long-Term U.S. Mortgage Rate Falls to 6.67%

By Alex Veiga

Some economists say home sales will increase in 2024 as mortgage rates ease.

LOS ANGELES (AP) — Home loan financing costs eased again this week, pulling the average long-term U.S. mortgage rate down to a six-month low.
The average rate on a 30-year mortgage dropped to 6.67% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.27%.
The latest drop in rates is the eighth in as many weeks. The average rate is now back to where it was in late June.
“The 30-year fixed-rate mortgage remained below 7% for the second week in a row, a welcome downward trend after 17 consecutive weeks above 7%,” said Sam Khater, Freddie Mac’s chief economist.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also declined this week, with the average rate falling to 5.95% from 6.38% last week. A year ago, it averaged 5.69%, Freddie Mac said.
Mortgage rates have been eas ...

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Richard Eimers
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