Thinking About 6%
This month, mortgage rates fell below the 7% mark for the first time in months.
- Rates fell for the seventh consecutive week and hit the lowest level since early August when rates were 6.96%.
The decline in rates has ignited a surge in refinance and mortgage-buying activity, bringing a renewed sense of optimism to the housing market.
"Given inflation's deceleration and the Fed’s expectations that they will lower the target rate next year, we likely will see a gradual thawing of the housing market in the new year," said Freddie Mac.