Last saved by: Lynn Marie Greaves

Mortgage rates have dropped for nine weeks in a row, bringing rates down to the lowest we’ve seen since May 2023. As of December 28th, the national average on 30-year fixed rate loans fell to 6.61%, down from 6.67% the week prior.
Comparatively, based on Freddie Mac national averages, a 30-year fixed loan for $300,000 closed at 8.45% in October of this year would cost $2,296 per month. Now, the monthly payment on the same loan at 6.61% drops down to $1,918.
This is great news for potential home buyers, but the market remains tight on inventory. Freddie Mac’s chief economist, Sam Khater is hopeful that we may see a rebound in the housing market going into the new year, given these lower rates and improved economic conditions.
Additionally, in the December 28th report, the average rate on a 15-year fixed mortgage dropped down to 5.93%. This is a popular loan program for home owners who want to refinance to lock in a lower rate and build equity faster.
If you’re in the market to buy a home or refinance your existing home, give me a call to get a comprehensive analysis of loan options! My goal is to be your #1 resource for all your mortgage needs.