12/13/2024 -
Mortgage Rates Fall for Third Straight Week
Mortgage interest rates tumbled for the third consecutive week, according to Freddie Mac, helping to increase demand for home buying. The average rate on a 30-year fixed-rate mortgage fell to 6.60% during the week ended December 12, 2024, down from 6.69% the week before and down from 6.95% a year earlier. Mortgage rates could see more movement on Wednesday, 12/18/2024, when the Federal Reserve meets again to determine the direction of its own target rate. Analysts expect the Fed to lower rates by another quarter percent.
12/04/2024 -
Home Buyer Demand Spikes as Interest Rates Fall to Month-Long Low
The number of buyers applying for home loans jumped in the latest week as consumers responded to lower mortgage interest rates, according to the Mortgage Bankers Association. Applications to purchase a home increased 6% for the week ended December 4, 2024, even though they were down 21% from the year before. During the same week, the average rate on a 30-year fixed-rate mortgage sank to 6.69% from 6.86%, the lowest rate in over a month. Refinance demand, however, did not see an increase, with a 1% weekly decline and a 7% annual decrease.