U.S. mortgage rates dipped for the ninth consecutive week amid expectations of interest rate cuts by the Federal Reserve after elevated rates negatively impacted home affordability in 2023.
The 30-year fixed-rate mortgage rate averaged 6.61 percent for the week ending Dec. 28, according to data from Freddie Mac. This was the ninth consecutive weekly drop in mortgage rate since it peaked at 7.79 percent in late October.
