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Real Estate Outlook | Beach Road Realty Inc Blog

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 ...

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Beach Road Realty Inc
Richard Eimers
17 Roundwood Drive
Inlet Beach, FL
850-259-1798

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