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Washington, DC CNN —Mortgage rates ticked up this week for the second week in a row, but remain more than a full percentage point lower than their high last year. The 30-year fixed-rate mortgage averaged 6.66% in the week ending January 11, up from 6.62% the previous week, according to data from Freddie Mac released Thursday. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Lower mortgage rates expected to bring new inventoryWhile mortgage rates trending lower is welcome news for homebuyers, those in the market are still dealing with the double whammy of low inventory and high home prices that continue to rise. But, she added, the pace of mortgage rates declining is likely to be slower going forward than the dramatic nine-week drop at the end of 2023.
Persons: Freddie Mac, who’ve, , Sam Khater, Freddie Mac’s, That’s, Jiayi Xu, Xu Organizations: DC CNN —, , Federal, Treasury Locations: Washington
An increasing number of buyers are purchasing homes in the fall and winter, Opendoor found. If the housing market normalizes, home buying could shift back to spring and summer, an expert said. A recent study from Opendoor found that the fall and winter months have become popular with home sellers. Despite a slump in the housing market, it's positive news for both sellers and buyers — demand still exists. "The housing market has gone through a period of distortion caused by mortgage rates being kept too low for too long," he told Insider.
Persons: Opendoor, , Amit Arora, Arora, Jonathan Miller, Douglas Organizations: Service, homeselling Locations: Douglas Elliman
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