As the year comes to a close, we are seeing improvements in the mortgage rates. The average rate has dropped for six weeks in a row to 6.27% as of December 22. While it is still double from this time a year ago, it is less than the yearly peak from November when mortgage rates were around 7%. This lowering of the average mortgage rate is not only helping home buyers, but also those looking to refinance. According to Sam Khater, chief economist at Freddie Mac, the lower mortgage rates have yielded an increase in refinancing. In one week, the demand for refinancing jumped 6%.
While the first part of 2023 is still expected to be a bit volatile in the real estate, world according to Mortgage Bankers Association, mortgage rates are expected to slowly drop for a while longer.
Read the Original Article Here: Mortgage Rates Give Homebuyers Some Holiday Relief, Falling for Sixth Week in a Row