Posted 12/14/2023, 7:44:30 PM
Mortgage Rates Drop Below 7% for First Time Since August as Buyer Demand Seen Rising
- Mortgage rates dropped below 7% this week for the first time since August
- Rates have fallen for 7 straight weeks after hitting 20-year high in October
- Average 30-year fixed rate is now 6.95% according to Freddie Mac data
- Fed signaling further rate cuts next year which could bring more declines
- As rates fall, demand from buyers is expected to increase
- Lower rates may also motivate more sellers to list homes