Mortgage rates fell as the 10-year Treasury yield dipped below 4.2%, with Freddie Mac reporting a 7.03% average for 30-year fixed rates. This marks a notable decline from last week’s 7.22% and an increase from the previous year’s 6.33%.
Despite the nearly 80 basis points drop in six weeks, Freddie Mac’s chief economist, Sam Khater, suggests that rates need to drop further to stimulate housing demand consistently. The Federal Reserve’s pause in rate hikes contributes to investor confidence, especially following the launch of cooler job openings data of October.
Realtor.com Economist Jiayi Xu predicts a potential further drop to 6.5% average mortgage rates by the end of 2024, attributing this trend to sustained improvement in inflation. Looking ahead, Top Housing Markets for 2024 by Realtor.com highlight the Northeast and Midwest for their affordability, quality of life, & strong job markets, with Southern California housing markets expected to revive due to declining interest rates.
For More Real Estate News Click Below!!
