Christmas Is Here! Rates Drop For 6th Week in a Row
Christmas has come early for prospective homebuyers as mortgage rates continued to inch downwards, with the 30-year fixed-rate mortgage now averaging at 6.27% as of December 22.
This marks the sixth week in a row that mortgage rates have dropped.
The last time rates were at this level was this past September.
The week prior, the 30-year averaged at 6.31%, while last month, rates were averaging above 7%!
"Rates have declined significantly over the past six weeks, which is helpful for potential homebuyers," Sam Khater, chief economist at Freddie Mac, said in a statement.
What else does this dip in rates mean?
Well, for many, it's also the ideal time to refinance.
According to the Mortgage Bankers Association, refinancing surprisingly rose by 6% in the latest week.
The MBA commented that while it expects the housing market and the economy to "remain volatile in early 2023," it also expects mortgage rates to continue coming down.