What Is Going On With Mortgage Rates?

Home buyers have something to cheer about this holiday season as mortgage rates have continued to fall for the sixth week in a row. They are nowhere near the incredible ~3% interest rates that we saw around the time of the pandemic, but they are certainly better than the initial rate rebound that saw mortgage rates north of 7%. 

As of December 22nd 30 year mortgage rates have averaged 6.27% according to Freddie Mac. This is significant as it is down 4 basis points (also known as 4 hundredths of a percentage point) from the previous week. This steady decrease has led people to begin shopping for homes again and taking advantage of decreasing average home prices as well as a slower time of year for the real estate market. 

If you want to know what decreasing rates mean for you or if you are looking for a lender to help you get preapproved or refinance, give us a call today! We would love to put you in touch with one of our trusted local partners. 

For more information on the current mortgage environment, take a look at this article from Realtor.com.