The average 30-year fixed mortgage rate is around 5.98% to 5.99% this week, Freddie Mac said Thursday. The percentage is down sharply from 6.8% to 6.9% a year ago and from peaks near 8% in late 2023, per The Wall Street Journal. On a typical loan, that rate drop can cut monthly payments by hundreds of dollars for home buyers.
Home sellers are hopeful that lower mortgage rates will attract buyers, per WSJ. Daniel and Kyla Seely, a couple who listed their three-bedroom home in Newark, Ohio, in November for $324,900, are in this category. The Seelys have had no offers so far and are hopeful that declining mortgage rates will turn things around.
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