Overview

• Mortgage rates have fallen for the ninth consecutive week, reaching their lowest level since May.
• The average 30-year fixed-rate mortgage rate fell to 6.61 percent, down from 6.67 percent the previous week.
• The decline in mortgage rates is attributed to signs that the Federal Reserve could cut interest rates next year.
• Despite the decline, the average rate on a 30-year home loan remains significantly higher than two years ago, when it was 3.11 percent.
• Housing economists predict a potential increase in home sales next year, assuming that mortgage rates continue to ease.