US 30-Year Mortgage Rate Drops to 6.69%

The average rate on a 30-year mortgage in the U.S. has decreased to 6.69%, its lowest since late October, according to Freddie Mac. This decline follows a previous drop from 6.81% and is influenced by movements in the U.S. 10-year Treasury yield. Despite high home prices, mortgage applications have risen, supported by lower rates and increased inventory. However, economists predict mortgage rates will remain around 6.5% next year, potentially keeping homeownership out of reach for many.