US Mortgage Rates Decline to 6.6%, Easing Affordability Challenges

The drop marks the lowest average for 30-year fixed-rate mortgages in nearly two months, offering potential relief for homebuyers and builders.

The average rate for a 30-year fixed-rate mortgage in the U.S. has fallen to 6.6%, its lowest level since late October, according to Freddie Mac.
This marks the third consecutive week of declining mortgage rates, down from 6.69% last week and 6.95% a year ago.
The National Association of Realtors (NAR) predicts mortgage rates could stabilize around 6% in 2025, potentially enabling 6.2 million households to afford median-priced homes.
Rising home prices and limited inventory continue to challenge affordability, with the NAR estimating a $410,700 median existing home price for 2025.
Builders are expected to ramp up housing starts, with the NAR forecasting 1.45 million new units next year, primarily single-family homes, to address supply shortages.