Freddie Mac (OTCQB: FMCC) reported new mortgage rate declines in the Christmas Eve edition of its Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage averaged 6.18% as of Dec. 24, down from last week when it averaged 6.21%. A year ago at this time, it averaged 6.85%.
The 15-year fixed-rate mortgage averaged 5.50%, up from last week when it averaged 5.47%. A year ago at this time, it averaged 6.00%.
“The average 30-year fixed-rate mortgage decreased further this week,” said Sam Khater, Freddie Mac’s chief economist. “Declining rates offer a timely and welcome gift for aspiring homebuyers.”
Big deal.
I agree Big Deal! What’s holding back the sales in RE properties is not just interest rates, it’s what’s happened in DC. causing all the cuts in public funding across the many areas which has resulted in job insecurity and job losses, property tax increases, increasing inflation rates and increases in health care costs. Closing of Health Care facilities, public schools and university funding causing programs to be eliminated; In addition to corporate layoffs because of increased costs due to tariffs. This is a major factor in job losses. It’s amazing that all the geniuses in DC. can’t see this due to their ignorance, stupidity or being so far removed from reality!
As Rhea and Anne already said, “big deal”!
Distrust of economy, foreign policies that keep the US at 50% or LESS favorable rating among “allied nations.
Tariffs that are still dragging on the economy, with cost of lumber adding from $17 to $22,000 on a new home (a recent CBS report). 4.6% unemployment and climbing; plants closing, people by the thousands are losing jobs. AI will further complicate this.
A “sickness” is not just felt at the point of infection but throughout the body – throughout an economy.
$2 TRILLION has been added to the National Debt already in this presidential term – $8 TRILLION in his first administration. What does Exorbitant national debt cause? Higher interest rates, higher Treasury Notes, MORE national debt.
You can’t “trick” an economy into shape. You must have a trustworthy policy at its base. This “spin the wheel” plan does NOT create solutions but dilemmas.
But great, the interest rate has come down .03%.
I think a big issue is that so many people are holding onto their homes that currently have extremely low rates and do not wish to sell and give them up. We had low rates for a very
long time and people either bought or refinanced.
The tax from selling your home is also holding people back. The $250,000/$500,000 exclusion is decades old and has never been adjusted for inflation.
You can’t complain about government cuts and too much government spending at the same time. There still needs to be massive cuts to federal gov spending, including the workforce. Also, there are still millions of illegals to deport. Where do you think these people live? They live in housing that should be going to americans (along with consuming hundreds of billions in government welfare/social services). This will significantly increase the supply of all classes of housing, which will lead to more affordable housing. Unfortunately, this won’t happen overnight.