Mortgage Watch – Rates Fall

Mortgage Watch – Rates Fall

Economic reports last week gave signs that inflation may finally be slowing down. As a result, mortgage rates dropped significantly, Freddie Mac reported, the 30-year fixed-rate dropped to an average of 6.61% down from 7.08% the week before. This was the largest weekly drop in over 40 years, since 1981.
Freddie Mac economist Sam Khater noted, โ€œwhile the decline in mortgage rates is welcome news, inflation remains elevated, there is still a long road ahead for the housing market.โ€
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