We may finally be seeing the some good news for buyers in the Nyacks and Rivertowns this week as the average 30-year mortgage rate dropped to 6.49%. Recent economic data suggests mortgage rates have peaked after surpassing 7% in the second week of November. Yes rates are still more than double those of a year ago, but in my opinion if inflation continues to slow up, rates may stabilize near 6% at the moment. We may see further drops as well, but so much of this is related to inflation levels.”
Stable rates could bring some uneasy home buyers back to the market, after we have seen a lull in hone sales and contract signings. However, even as rates decrease and house prices soften, economic uncertainty still continues to limit some homebuyer demand as we enter the last month of the year.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 1:
30-year fixed-rate mortgages: averaged 6.49%, dropping from last week’s 6.58% average. Last year at this time, 30-year rates averaged 3.11%.
15-year fixed-rate mortgages: averaged 5.76%, also falling from last week’s 5.90% average. A year ago, 15-year rates averaged 2.39%.
So we are feeling optimistic that at very least rates have stabilized, and we are hoping to see further cuts in the interest rates moving forward.