MCLEAN, Va., — The Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, reported this week that 30-year-fixed rate mortgages have dropped to an average of 6.61 percent.
That’s good news for people waiting to buy a home, however the number of homes for sale remains limited so prices are up and they sell quickly, experts say.
According to the online financial services company Nerd Wallet, mortgage rates in Appleton are 6.633% for a 30-year fixed, 5.644% for a 15-year fixed, and 7.704% for a 5-year adjustable-rate mortgage (ARM).
According to Rocket Homes, the median price of homes sold in Kaukauna in November was $276,333. That’s up $45,333 from a year earlier.
“The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down,” said Sam Khater, Freddie Mac’s Chief Economist in a news release. “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.”
News Facts
- The 30-year FRM averaged 6.61 percent as of December 28, 2023, down from last week when it averaged 6.67 percent. A year ago at this time, the 30-year FRM averaged 6.42 percent.
- The 15-year FRM averaged 5.93 percent, down from last week when it averaged 5.95 percent. A year ago at this time, the 15-year FRM averaged 5.68 percent.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.
