Mortgage rates dropped sharply this week, in the largest weekly drop since 1981, according to The Federal Home Loan Mortgage Corporation, or Freddie Mac.
The 30-year fixed-rate mortgage averaged 6.61% in the week ending November 17, down from 7.08% the week before, but still more than twice the 3.10% it was a year ago.
The Federal Reserve has been hiking interest rates to combat inflation, but the latest Consumer Price Index and Producer Price Index reports indicated inflation could be easing.
Despite the drop, “the Federal Reserve is likely to keep interest rates high and consumers will continue to feel the impact,” said Sam Khater, Freddie Macs chief economist.
