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Mortgage Rates Fall to Lowest Level Since May 2023

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Mortgage Rates Fall to Lowest Level Since May 2023

The downward trend in rates is expected to continue in 2024, with Fannie Mae anticipating they will decline to under 6% by the end of the year

January 19, 2024
Mortgage rates continue dropping
Image: Andrii Yalanskyi / stock.adobe.com

According to Freddie Mac’s Primary Mortgage Market Survey released on Thursday, the average 30-year fixed-rate mortgage was 6.6% as of Jan. 11, a slight drop from the previous week when the rate averaged 6.66%, Fox Business reports. At this time a year ago, the rate for a 30-year fixed-rate mortgage averaged 6.15%. 

"Mortgage rates decreased this week, reaching their lowest level since May of 2023," Freddie Mac Chief Economist Sam Khater said. "This is an encouraging development for the housing market and in particular first-time homebuyers who are sensitive to changes in housing affordability. However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale."

While falling rates are a good sign for buyers, there’s still the chance they may not hold steady as the economy wobbles toward recovery. This can cause trouble for buyers trying to accurately budget for their home purchase.

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