Holiday Gift for Home Buyers: Big Drop in Mortgage Rates

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he 30-year fixed-rate mortgage posted a big drop this week, falling to a 3.05% average, Freddie Mac reports.

“The market volatility resulting from the COVID-19 omicron variant is causing mortgage rates to decrease,” says Sam Khater, Freddie Mac’s chief economist. “As the year comes to a close, the housing market is proceeding steadily. However, rates are expected to increase in 2022 which will impact home buyer demand as well as refinance activity.”