Mortgage Rates Continue to Fall in Holiday Gift for Home Buyers, Sellers

Home buyers and sellers are in for even more holiday cheer this season as mortgage interest rates continued to fall. That makes it more affordable for folks to purchase properties as their monthly mortgage payments will be a little lower. Plus, it may lead to more buyers in the market eager to snap up properties before rates go back. That’s a win for sellers, too.

Despite the Federal Reserve jacking up its own federal interest rates this month, mortgage rates slid down to 4.55% as of Dec. 27, according to Freddie Mac data. That’s down from 4.62% just a week ago—and a nearly nine-year high of 4.94% in November of this year.

Even a single percentage point rise in mortgage rates can add more than $100 a month to a $293,000 home, which is the median home price nationally. And unfortunately for buyers, that little rise can turn into extra tens of thousands of dollars over the life of a 30-year, fixed-rate loan.