Mortgage rates drop for fifth week in a row | CNN Business

The 30-year fixed-rate mortgage averaged 6.31% in the week ending December 15, down from 6.33% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.12%. Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s unprecedented campaign of harsh interest rate hikes to tame soaring inflation. But mortgage rates have tumbled in the last several weeks, following data that showed inflation may have finally reached its peak.

Mortgage rates tend to track the yield on 10-year US Treasury bonds. When that rate goes up, the 30-year fixed-rate mortgage typically goes up, too. When the Treasury rate goes down, so do mortgage rates. But this isn’t the end of rate hikes. Fed Chair Jerome Powell mentioned in his remarks that with prices still rising at a high rate, more rate increases are needed and the central bank remains committed to rate hikes until the pace of inflation notches a noticeable slowdown, Ratiu said.

WHAT ABOUT THE BLOATED PRICES OF THE HOMES THEMSELVES ? DEVELOPERS AND BANKS ARE GOUGING ANYONE WHO THINKS THEY WANT TO OWN A HOME, JUST BECAUSE THEY CAN.

It was 3.25 not long ago lol But thanks Joe!

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