Posted 12/21/2023, 5:01:22 PM
Mortgage Rates Drop to 6.67%, 8-Week Low, As Market Eyes Future Fed Cuts
- Mortgage rates in the US continued to fall, reaching 6.67% this week, the lowest level since June
- It's the 8th straight week of declines due to anticipation of Fed rate cuts in 2024
- Lower rates are bringing more potential homebuyers back into the market
- Rates are expected to keep falling through 2023-2024, improving affordability
- But lack of inventory is still a challenge, keeping home prices high and limiting options