Mortgage Rates Drop Below Seven Percent

Freddie Mac Primary Mortgage Market Survey as of December 14, 2023

The below chart created in-house from the Freddie Mac Primary Mortgage Market Survey compares the moving average since 1972 to present.

Potential homebuyers received welcome news this week as mortgage rates dropped below seven percent for the first time since August. Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, there will likely be a gradual thawing of the housing market in the new year.