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4mo ago

Mortgage Rates Decline After Recent Highs, Offering Relief to Borrowers

National averages for 30-year fixed mortgage and refinance rates fall below 7% following significant drops over the past three days.

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Higher interest rates add to problems with affordability that have hammered the housing market for the last two years. Prices have continued to climb despite slower sales volume, posting 17 consecutive months of year-over-year increases for existing homes to an eye-popping sum of $406,100 as of November. (AP Photo/Jenny Kane)

Overview

  • The national average for 30-year fixed-rate mortgages has dropped to 6.98%, marking a two-day decrease of 15 basis points after reaching a seven-month high earlier this week.
  • Refinance rates for 30-year fixed loans have also fallen for three consecutive days, now averaging 7.15%, down from 7.30% on Monday.
  • Rates for other mortgage types, including 15-year fixed and jumbo loans, have also declined, with 15-year refinance rates now at 6.01%.
  • The Federal Reserve's recent rate cuts and scaled-back projections for future reductions have influenced bond yields, indirectly impacting mortgage rates.
  • Borrowers are advised to compare lender rates, as state-level variations and individual qualifications heavily influence final mortgage offers.