The recent Federal Reserve decision to hold interest rates steady continues to have a positive effect on mortgages.

The average 30-year fixed-rate mortgage is now 6.61%, according to Freddie Mac.

What You Need To Know

  • The average 30-year fixed-rate mortgage is 6.61%, according to Freddie Mac

  • Mortgage rates have fallen for nine weeks straight

  • The average 15-year fixed-rate mortgage is 5.93%

  • Freddie Mac bases its average rates on mortgage applications it receives from lenders throughout the country

“The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down, Freddie Mac chief economist Sam Khater said in a statement. “Heading into the new year, the economy remains on firm ground with solid growth, a tight labor market, decelerating inflation and a nascent rebound in the housing market.”

The 6.61% rate is down from last week’s average of 6.67% and marks the ninth straight week of declines. Fifteen-year mortgages are also down, falling from 5.95% last week to 5.93% as of December 28.

Freddie Mac determines average mortgage rates based on mortgage applications it receives from lenders throughout the country. It is based on buyers who put 20% down and have excellent credit.

In its 2024 forecast, Redfin predicted further rate declines in 2024 starting in the spring.