Mortgage Rates Drop Below 6%
Mortgage rates have dropped to their lowest point in months.
The current average rate for a 30-year fixed mortgage is 5.99%, dipping below 6% for the first time since September.
A statement from the Federal Reserve that inflation had “eased somewhat” sent mortgage rates dropping by nearly a quarter-point this week – despite the Fed raising interest rates on Wednesday.
Overall rates have dropped more than a point of October’s peak of 7.37%.