Mortgage Rates Drop for Fifth Consecutive Week, Boosting Homebuying Power

Rate Decline: Fifth Consecutive Week of Falling Mortgage Rates Sparks Optimism and Enhanced Homebuyer Affordability for 2024.

FOR IMMEDIATE RELEASE

Portland, OR – November 30, 2023 –

In a continuing trend, mortgage rates have decreased for the fifth consecutive week. According to data released by Freddie Mac on Thursday, the 30-year fixed-rate mortgage dropped to an average of 7.22%, down from 7.29% the previous week. A year ago, the average was 6.49%. Industry experts anticipate a potential dip into the 6% range by the following week, translating to increased buying power for home seekers.

While the Federal Reserve doesn’t directly set mortgage interest rates, its actions significantly influence them. Mortgage rates are intricately linked to the yield on 10-year US Treasuries, responding to speculations about the Fed’s actions, the actual outcomes, and investor responses. When Treasury yields rise, so do mortgage rates, and vice versa.

According to some reports, prospective homebuyers can expect improved affordability in 2024, albeit at a gradual pace. This positive shift is anticipated through a combination of lower mortgage rates and reduced property prices resulting from easing inflation and a more balanced housing market.

About Paris Group Realty, LLC

Paris Group Realty, LLC is an award-winning, innovative real estate agency representing clients in the Portland, Oregon, Metropolitan area. Established in 2004 by Molly and Claire Paris, the company plays an active role in the local community and in educating individuals and families on the value of home ownership and building wealth. Today, Paris Group Realty, LLC is proud to have helped over 800 families find their dream homes or investment properties.

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