Mortgage rates fell to 6.62% yesterday, the lowest reading since May, following the Federal Reserve’s move to leave interest rates unchanged in December and rosy prediction of three rate cuts next year.
The average rate for the 30-year fixed mortgage, the most popular in the country, fell nearly 20 basis points from Wednesday’s 6.82% rate after the Fed’s announcements. Even with a slight uptick on Thursday to 6.64%, that’s “a staggering two-day move—one of the biggest two-day moves we’ve seen,” Mortgage News Daily’s chief operating officer, Matthew Graham, told CNBC.
