US mortgage rates continued to drop this week, which extends the good news for home buyers who have been facing the least affordable housing market since the 1980s. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. If they happen, they’d likely put downward pressure on mortgage rates. Mortgage rates track the yield on 10-year US Treasuries, which move up or down based on anticipation about the Fed’s actions, the Fed’s policy changes and investors’ reactions to them. For the time being, the drop in mortgage rates “hasn’t translated into a substantial sales recovery yet,” Xu said.

Source: CNN December 28, 2023 21:32 UTC