Mortgage rates continue downward, marking the ninth consecutive week of declines! According to Freddie Mac, the 30-year fixed mortgage rate dropped to 6.61% from 6.67% the previous week.
This consistent decline has seen rates plunge by over a full point from 7.79% in October. Lower rates typically translate to reduced borrowing costs.
But there's a catch: the housing inventory remains limited. And the drop in rates may spur earlier-than-expected hikes in housing prices.
So, if you've been sitting on the fence about buying real estate, right now may be the perfect time, before the bidding wars start pushing prices up again.
