Posted on 12/28/2023 11:47:46 AM PST by ChicagoConservative27
Mortgage rates fell for the ninth week in a row amid signs that the Federal Reserve could cut interest rates next year.
The average 30-year fixed-rate mortgage rate fell to 6.61 percent as of Dec. 28, down from 6.67 percent the previous week, according to new data released Thursday by Freddie Mac.
Mortgage rates dipped below 7 percent in mid-December for the first time since August after the Federal Reserve forecasted rate cuts next year.
“The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down,” said Sam Khater, Freddie Mac’s chief economist, in a statement.
(Excerpt) Read more at thehill.com ...
They’re still double what they were.
LOL- The sHill trying to make chicken salad out of chicken sheet.
Heard a guy at the gym, who’s a mortgage broker and a whiny liberal, complaining about the housing market and why housing prices are so high.
Said so many people have existing mortgages with rates of 3%. If they sell and have to buy something new, their new mortgage rate will be closer 7%. Hence few want to sell to take on mortgages with double the rate which has significantly reduced the supply of available homes on the market.
I looked at him and said, “Build Back Better!!!”
HAHAHAHA ninth strate drop from 7.0 to 6.91 to 6.87 to 6.85 to 6.82 to 6.79 to 6.75 to 6.72 to 6.69 to 6.61... phew, the fed’s doing all they can to fix this...
t
By the time the election rolls around, it might be about 1.0%
These sub-10% rates aren’t as important as house prices.
The prices are too high for many buyers.
Particularly the marginal/aspirational and first time buyers. Those are the ones the make the extra volume.
Remember what you paid paid for your first house, what was your income?
Not too long ago, some folks paid cash for the house, then refied it and took monster cash out at sub 5% rates.
An essentially free house, and nearly free money.
Prices need to come down 40% to get back in line with folks income.
National Median $60K income means National Median $200K houses.
After moving to AZ just 4 years ago, my place has doubled...I'm no genius and I didn't plan this to happen and I'm blown away at what homes near ours go for. It's ridicules!
We look at the home my friend was raised in in S.CA, a 1950s tiny cookie cutter 1300 square foot home is going to 800k!! And it's 100 feet from a major 4 lane highway. No joke. This economic lunacy will all come to an end one day.
There are no ‘starter homes’ available for people just starting out to BUY in the first place.
THAT is the problem.
“The average 30-year fixed-rate mortgage rate fell to 6.61 percent as of Dec. 28, down from 6.67 percent the previous week,”
Did they ever think it might be because there are a large amount of people that can’t pay do to inflation and that foreclosures are going up?
wy69
Agree what good are mortgage rates when you would have to kidnap 4 people just to make a down payment on a house.
True, and half what they were when purchasing my home in 1983.
Agree with you - prices still way too high. Add in property tax increases, insurance uppers, utilities, and even maintenance. Continues to be cost prohibitive.
My first mortgage was at 8.5% in 1976. And that was on a house that was $21,000 purchase price.
I moved back to Texas in 1999. I could sell my house for 2.75 times what I paid for it, but where could I go? I would have to pay the same crazy high price somewhere else.
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