12/14/2023

Mortgage Rates Dip Below 7 Percent

Meanwhile, home-buying pressures ease

Aspiring homebuyers grappling with the most difficult housing market in nearly 40 years are finally seeing some relief.

Borrowing costs for 30-year fixed-rate mortgages dropped below 7 percent for the first time in four months this week, according to housing-finance giant Freddie Mac on Thursday. Just six weeks ago, the average rate for those home loans peaked at 7.8 percent, a high not seen since 2000; now it stands at 6.95 percent.

Pressures on the battered real estate market look poised to ease further. The Federal Reserve on Wednesday held off raising interest rates, the third such pause in a row, as its policymakers projected they would cut their benchmark rate by 0.75 percentage points by the end of next year.

Please select this link to read the complete article from The Washington Post.