The average long-lasting U.S. homemortgage rate pulledaway for the ninth straight week to its mostaffordable level because May
ByMATT OTT AP service author
December 28, 2023, 12: 00 PM
File – A “for sale” indication is published outside a home in the Angelino Heights historic area of Los Angeles, on Oct. 19,2023 On Thursday, Freddie Mac reports on this week’s average U.S. homemortgage rates. (AP Photo/Damian Dovarganes, File)
The Associated Press
The average long-lasting U.S. homeloan rate pulledaway for the ninth straight week to reach its leastexpensive level giventhat May.
The average rate on a 30-year homemortgage dipped to 6.61% from 6.67% last week, homeloan purchaser Freddie Mac stated Thursday. A year ago, the rate balanced 6.42%.
Borrowing expenses on 15-year fixed-rate homeloans, popular with propertyowners refinancing their home loans, likewise inched down this week, with the average rate falling to 5.93% from 5.95% last week. A year ago, it balanced 5.68%, Freddie Mac stated.
“Heading into the brand-new year, the economy stays on company ground with strong development, a tight labor market, decreasing inflation, and a nascent rebound in the realestate market,” Sam Khater, Freddie Mac’s chief economicexpert.
Mortgage rates haveactually been alleviating consideringthat late October, when the average rate on a 30-year home loan reached 7.79%, the greatest level consideringthat late 2000.
The decrease hasactually tracked the trajectory of the 10-year Treasury yield, which loanproviders usage as a guide to rates loa