Mortgage Rates Fall for Ninth Consecutive Week

Average 30-Year Fixed-Rate Mortgage Drops to 6.61%, Lowest Since May

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.