US Real Estate

Mortgage Rates Slip Below 6 Percent for First Time Since August 2022

The 30-year fixed mortgage rate averaged 5.99 percent on Friday, following Trump’s pledge to purchase $200 billion in mortgage-backed securities.
Mortgage Rates Slip Below 6 Percent for First Time Since August 2022
Single family homes are shown in a residential neighborhood in Miramar, Fla., on Oct. 27, 2022. Joe Raedle/Getty Images
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The landscape for mortgage rates shifted dramatically after President Donald Trump said on Jan. 8 that he’s directing representatives to purchase $200 billion in mortgage-backed securities from Freddie Mac and Fannie Mae in order to drive mortgage rates lower.

The average rate for 30-year fixed mortgages on Mortgage News Daily slid 22 basis points on Jan. 9 to 5.99 percent following the president’s announcement. It’s the first time it has fallen below 6 percent since August 2022.
Rob Sabo
Rob Sabo
Author
Rob Sabo has worked as a business journalist for nearly two decades and covers a broad range of business topics for The Epoch Times.