Mortgage rates drop to 7-month low

The average on a 30-year loan stands at 6.60%, down from a peak of nearly 8% in October.

Mortgage rates dipped again this week, enticing more rate-sensitive buyers and sellers to return to the housing market.

The average rate for a 30-year loan dropped to 6.60% from 6.66% a week prior, according to Freddie Mac on Thursday. The latest average is the lowest level in seven months, since May 2023, when rates were around 6.57%.

Homebuyers are returning to the market as borrowing costs retreated nearly 120 basis points from their October high when rates nearly broke the 8% mark. Aiding homebuyers is the uptick in listings from homeowners finally selling after a year of gridlock.

However, experts said the rise in inventory may still not be enough to supply underlying demand.


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