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Mortgage rates fall for 4th consecutive week

Mortgage Rates
Posted at 2:20 PM, Feb 02, 2023

Mortgage rates dipped for the fourth consecutive week, according to new figures released by Freddie Mac on Thursday.

The average rate for a 30-year mortgage in the U.S. is now 6.09%. That's a .04 drop from the previous week.

The current rate is the lowest since the week of Sept. 15. 2022. At the time, the average rate for a 30-year mortgage was 6.02%. It peaked in October and November at 7.08%

Freddie Mac says that the one percentage point reduction allows as many as 3 million more consumers to qualify and afford a $400,000 loan, which is the median home price in the U.S.

The National Realtors Association reported this week that pending home sales increased in December for the first time since May 2022.

“This recent low point in home sales activity is likely over,” said NAR Chief Economist Lawrence Yun. “Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.”