Mortgage rates fall to levels last seen in September
The 30-year fixed-rate mortgage averaged 6.15% in the week ending January 19, down from 6.33% the week before
Mortgage rates dropped in November and December, following data that showed inflation may have finally reached its peak
Declining rates are providing a much-needed boost to the housing market
Mortgage rates are expected to remain volatile until the Fed’s rate hikes end
The average rate for a fixed-rate mortgage dropped following the 10-year Treasury, which fell from 3.75% at the beginning of the month to 3.37% this week
When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow
Recent lower mortgage rates have improved home buyers’ sentiment slightly and applications have increased, jumping 28% last week
With rates nearly double what they were a year ago, it’s still challenging for many would-be buyers to afford a home