Mortgage rates continued their plunge from a peak of 7.08% in November, marking their biggest three-week drop in 14 years.
“Mortgage rates continued to drop this week as optimism grows around the prospect that the Federal Reserve will slow its pace of rate hikes,” says Freddie Mac chief economist Sam Khater.
Mortgage rates this week
30-year fixed-rate mortgages
The average 30-year fixed-rate mortgage dropped to 6.49%, down from 6.58% the week prior, Freddie Mac reported Thursday. A year ago, the 30-year rate averaged 3.11%.
Mortgage rates began to slide below 7% after the most recent inflation data was released in mid-November. The consumer price index was at 7.7%, coming in below economist's expectations.
“Data shows that mortgage…