Economic reports last week gave signs that inflation may finally be slowing down. As a result, mortgage rates dropped significantly, Freddie Mac reported, the 30-year fixed-rate dropped to an average of 6.61% down from 7.08% the week before. This was the largest weekly drop in over 40 years, since 1981.
Freddie Mac economist Sam Khater noted, “while the decline in mortgage rates is welcome news, inflation remains elevated, there is still a long road ahead for the housing market.”
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