According to the Freddie Mac report, mortgage rates in the United States continue to plummet For the fourth consecutive week, the average 30-year fixed mortgage rate has fallen, settling at 6.17% from 6.19% in the last week of October. Sam Khater, chief economist at Freddie Mac, commented that “interest rates have been falling in recent months and more and more homebuyers are entering the market.” The fact that mortgage rates are slowing is a good sign for mortgage buyers, who were also hesitant after the affordability crisis. On the other hand, the 15-year fixed mortgage rate fell to 5.41% from 5.44% the previous week.

“While the housing market continues to present challenges for many households, stable home prices, increased supply, and a slowing market could open the door for buyers looking to move before the end of the year,” commented Hannah Jones, senior economic research analyst at Realtor.com.

Although the Federal Reserve's decisions don't directly influence the housing market, which closely tracks the 10-year U.S. Treasury yield, the interest rate cuts are providing some relief for consumers motivated to buy homes this year.

“Mortgage rates have fallen 87 basis points from their peak in mid-January, providing significant relief for buyers who had been put off and for homeowners who were considering refinancing their mortgages,” Jones said.