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Washington, DC — Mortgage rates fell under 7% for the first time since mid-August this week. It is the seventh straight week that rates have dropped, as inflation improves and the Federal Reserve paused its rate increases. With the Fed signaling in its most recent meeting that rate cuts may be coming in 2024, mortgage rates are expected to continue falling. The 30-year fixed-rate mortgage rate fell to an average of 6.95% in the week ending December 14, down from 7.03% a week before, according to data from Freddie Mac released Thursday. A year ago, the average 30-year fixed-rate was 6.31%.

Mortgage applications increased

Mortgage applications for the week ending December 8 increased from the week prior for the sixth consecutive week, according to the Mortgage Bankers Association. Bob Broeksmit, MBA’s CEO, said the increase was a strong indication that borrower demand is rising as a result of the recent decline in mortgage rates. “Lower mortgage rates are especially welcoming for prospective first-time buyers, who are still struggling to find available homes in their price range,” he said in a statement. 

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