Borrowing costs moved lower this week. But most economists aren’t predicting the trajectory to continue.
This marked the first time in 10 weeks that mortgage rates moved lower, Freddie Mac reports.
"The 30-year mortgage rate fell this week for the first time since the presidential election, dropping 12 basis points to 4.20 percent,” says Sean Becketti, Freddie Mac’s chief economist. “This marks the first time since 2014 that mortgage rates opened the year above 4 percent. Despite this week's breather, the 66-basis point increase in the mortgage rate since November 3 is taking its toll -- the MBA's refinance index plunged 22 percent this week."
Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 5:
Tress Realty Group compiles some of the best real estate news, tips, and information for buyers, sellers and investors.