Overview

• The national average for 30-year fixed mortgage rates fell to 6.62%, marking a four-day decline and the lowest level since mid-October.
• Refinance rates for 30-year fixed loans also dropped to 6.84%, their lowest point in over six weeks after a four-day decrease of 19 basis points.
• State-level variations in rates persist, with the lowest averages for 30-year mortgages seen in states like New York and California, while states like Alaska and West Virginia report the highest averages.
• The Federal Reserve's recent rate cuts, including a 0.25 percentage point reduction in November, have contributed to the downward trend in mortgage and refinance rates.
• Borrowers are advised to compare rates across lenders, as rates can vary significantly based on credit scores, loan sizes, and state regulations.