Rates on the most popular US home loan drop to the lowest in 6 months

Thu, 12/21/2023 - 13:08

A FOR SALE sign is displayed outside a property on Madison Ave. in Toronto. — Interest-only mortgages were much more strictly regulated after the financial crisis, but now higher-income borrowers are turning to them as home prices stay high.
Lance McMillan/Getty Images

Freddie Mac said Thursday that rates on a typical 30-year fixed mortgage dropped to 6.67%.
That's the lowest level since June and comes amid optimism for Fed rate cuts in 2024.
Mortgage rates had moved as high as 7.79% in October.

Mortgage rates for the most popular US home loan fell to the lowest level since June, according to data released Thursday from Freddie Mac.

The average 30-year fixed rate dipped to 6.67% from 6.95% the week prior. Back-to-back weeks with rates below 7% come as a welcome sign for house hunters, following 17 consecutive weeks above that threshold.