Posted on 12/14/2023 11:26:46 AM PST by ChicagoConservative27
U.S. mortgage rates dropped below 7 percent for the first time since August, according to new data released Thursday by Freddie Mac.
Mortgage rates have been falling steadily for the past seven weeks as inflation has eased, and the latest dip follows signs from the Fed on Wednesday that interest rates could come down next year.
“Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, we likely will see a gradual thawing of the housing market in the new year,” said Sam Khater, Freddie Mac’s chief economist, in a statement.
The average 30-year fixed-rate mortgage rate fell to 6.95 percent as of Thursday, according to Freddie Mac’s latest Primary Mortgage Market Survey. This time last year, the average rate was 6.31 percent.
(Excerpt) Read more at thehill.com ...
What’s the target for the housing market?
Tried one way now another next sideways ,LOL
Election rigging any way possible…0
Yeh!
Sure it has!
And all that stuff on the streets of San Fransisco smells like roses.
First forgive as much student loan debt as possible. Then reduce mortgage rates. All of this with in a year of an election. Coincidence? I think not.
That’s still half what it was in the 90s.
But, but, but…the mortgage rates were high for three months. Haha.
5-6% if normal, if you look over the last 40 years.
I’m trying to remember the last time I read that the rates are scheduled to be decreased in the next year. This is Biden Administration trying to fix market anxiety for the election next year.
DC goons gotta have the economy humming for Biden’s race... they’ll pull the rabbit out of the hat somehow...
“I’m trying to remember the last time I read that the rates are scheduled to be decreased in the next year. This is Biden Administration trying to fix market anxiety for the election next year.”
Powell stated he has not ruled out a future rare hike.
Feds don’t control interest rates.
It is true that the Feds do not control interest rates.
However they do control the rates at which they lend to banks at the Fed window—as well as the extent of their willingness to lend funds to banks at all.
That in turn does affect the amount of risk banks can legally take to remain in regulatory compliance.
This is turn affects interest rates the banks charge their customers.
That is not the only interest rate out there of course.
Bottom line—the Fed can have a significant effect on interest rates—but as you say they do not “control” them.
It is a bull market:
;-)
(Babylon Bee material for sure)
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