U.S. Home Loan Interest Rates Hit 7-Month Low



Discover the latest data on 30-year fixed-rate mortgage interest rates, now at their lowest level since May.

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The interest rate on the most common type of U.S. home loan has continued its downward trend, falling for a ninth consecutive week to reach its lowest level since May. According to data released by Freddie Mac on Thursday, the interest rate on a 30-year fixed-rate mortgage averaged 6.61% as of Dec. 28, down from 6.67% the previous week. This marks a significant decline from the highest level in 22 years, which was recorded in late October, with rates dropping by 1.18 percentage points during this period.


U.S. Home Loan Interest Rates Hit 7-Month Low

The sharp increase in rates, which had surged above 3% during the peak of the COVID-19 pandemic, was attributed to the Federal Reserve's aggressive rate hiking campaign to combat inflation at the beginning of 2022. However, the Fed has recently indicated that it is halting its rate hikes and is expected to begin lowering them in 2024. This shift in policy has led to a strong year-end rally in the bond markets, resulting in yields on the 10-year Treasury note, which is used to determine mortgage rates, dropping to below 4% from around 5% in late October.

This news comes as a relief to potential homebuyers and homeowners looking to refinance, as the lower interest rates could make homeownership more affordable and provide opportunities for significant savings. As we head into the new year, the housing market may see increased activity as a result of these favorable conditions.

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The continued decline in mortgage interest rates, coupled with the Federal Reserve's decision to halt rate hikes and potentially lower them in the future, is expected to have a positive impact on the housing market and provide opportunities for individuals to secure more affordable financing for their homes.

U.S. Home Loan Interest Rates Hit 7-Month Low

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