The Strategist

Mortgage rates in the U.S. fall below 7% per annum

12/18/2023 - 02:28

U.S. mortgage rates dropped below the 7% annualized rate for the seventh consecutive week.

The state mortgage agency Freddie Mac said that the average annual rate on 30-year loans was 6.95% on Thursday, down from 7.03% one week earlier. The rate was 6.31% a year ago.

APRs on fifteen-year loans currently average 6.38%, up from 5.54% a year ago and 6.29% a week ago.

Freddie Mac uses information from about 80 mortgage providers nationwide to determine average rates. Potential fees and other costs related to mortgages are not included in the rates.

According to Sam Khater, senior economist at Freddie Mac, "potential homebuyers got some welcome news this week: mortgage rates fell below 7% for the first time since August."