{"id":440411,"date":"2024-01-18T12:23:42","date_gmt":"2024-01-18T17:23:42","guid":{"rendered":"https:\/\/www.housingwire.com\/?p=440411"},"modified":"2024-01-18T12:23:47","modified_gmt":"2024-01-18T17:23:47","slug":"mortgage-rates-dip-to-6-6-to-mark-the-lowest-level-since-may-2023","status":"publish","type":"post","link":"https:\/\/www.housingwire.com\/articles\/mortgage-rates-dip-to-6-6-to-mark-the-lowest-level-since-may-2023\/","title":{"rendered":"Mortgage rates dip to 6.6% to mark the lowest level since May 2023"},"content":{"rendered":"\n

Mortgage rates continued their descent this week to mark their lowest level since May 2023, welcome news for homebuyers who have been waiting on the sidelines for rates to drop.\u00a0<\/p>\n\n\n\n

The 30-year fixed-rate mortgage averaged 6.6% as of Jan. 11, a decrease from last week\u2019s 6.66%, according to Freddie Mac<\/strong><\/a>\u2018s Primary Mortgage Market Survey released on Thursday. <\/p>\n\n\n\n

The 15-year fixed-rate mortgage averaged 5.76% this week, down from 5.87% the prior week. HousingWire\u2019s Mortgage Rates Center<\/strong><\/a> showed Optimal Blue\u2019s average 30-year fixed rate on conventional loans at 6.709% on Thursday, up from 6.66% recorded at the same time last week.<\/p>\n\n\n\n

\u201cThis is an encouraging development for the housing market and in particular first-time homebuyers who are sensitive to changes in housing affordability. However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale,\u201d said Sam Khater, Freddie Mac\u2019s chief economist. <\/p>\n\n\n\n

Housing starts<\/a> declined 9% in 2023, an indication that homebuyers looking to purchase a new construction home may continue to struggle with the lack of inventory this year.<\/p>\n\n\n\n

With mortgage rates continuing their downward trend last week with softer inflation readings <\/a>\u00a0\u2013 the so-called core consumer price index that excludes volatile food and energy prices \u2013 pulling them lower, mortgage demand was up in the week ending Jan. 12 compared to a week earlier.<\/p>\n\n\n\n

\u201cMortgage applications jumped more than 10%<\/a> as a result, with solid increases for both refinances and home purchases. The continuing decline in mortgage rates is promising for households looking to buy a home in the coming months,\u201d said Bob Broeksmit, Mortgage Bankers Association<\/strong>\u2019s (MBA\u2019s) president and CEO.<\/p>\n\n\n\n

Purchase apps increased by 9% from one week earlier on a seasonally adjusted basis, and refis were up 11% in the same period.<\/p>\n\n\n\n

This week, December\u2019s retail sales report <\/a>showed strong consumer spending even after adjusting for holiday spending and inflation as policy makers mull rate cuts. <\/p>\n\n\n\n

Eyes on the Fed’s rate cut timeline<\/strong><\/h2>\n\n\n\n

After the Federal Reserve<\/strong><\/a> began its restrictive monetary policy in March 2022, officials anticipated at least three rate cuts<\/a> in 2024 at their December meeting. The Fed next meets on Jan. 30-31.<\/p>\n\n\n\n

According to projections from central bank officials, rates would be slashed to a median 4.6% by the end of 2024 from the current federal funds rate range of 5.25%-5.5%.<\/p>\n\n\n\n

More than 57% of investors have priced in at least a quarter-point cut in March, according to the CME Group’s FedWatch tool. That is down from 67% last week and roughly 71% about a month ago. <\/p>\n\n\n\n

Fed Governor Christopher Waller advocated moving carefully with lowering interest rates while acknowledging that cuts are likely this year. <\/p>\n\n\n\n

\u201cWhen the time is right to begin lowering rates, I believe it can and should be lowered methodically and carefully,\u201d Waller said in prepared remarks at the Brookings Institution on Tuesday. <\/p>\n\n\n\n

\u201cIn many previous cycles \u2026 the FOMC cut rates reactively and did so quickly and often by large amounts. This cycle, however, \u2026 I see no reason to move as quickly or cut as rapidly as in the past,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage rates declined to 6.6% this week to mark their lowest level since May 2023, welcome news for homebuyers who have been waiting on the sidelines.<\/p>\n","protected":false},"author":39492,"featured_media":417953,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[268237,1692,1695,268078],"tags":[28081,1217,268022],"coauthors":[267988],"acf":[],"yoast_head":"\nMortgage rates dip to 6.6% to mark the lowest level since May 2023 - HousingWire<\/title>\n<meta name=\"description\" content=\"Mortgage rates declined to 6.6% this week to mark their lowest level since May 2023, welcome news for homebuyers who have been waiting on the sidelines.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.housingwire.com\/articles\/mortgage-rates-dip-to-6-6-to-mark-the-lowest-level-since-may-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage rates dip to 6.6% to mark the lowest level since May 2023 - 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