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Report
Mortgage rates drop to lowest levels since August
The Street
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12/14/2023
Category
🥇
Sports
Transcript
Display full video transcript
00:00
I'm JD Durkin reporting from the New York Stock Exchange.
00:03
Stocks are in the green to close out today's session.
00:05
The Dow Jones Industrial Average closed up over 150 points, the tech-heavy NASDAQ up
00:10
nearly two-tenths of a percent, while the S&P 500 closed two-tenths of a percent higher.
00:16
All of this optimism comes as investors cheer positive retail sales data after November
00:21
showed unexpected growth, emphasizing the strength of the U.S. consumer.
00:26
Investors are also holding out a bit of hope that the Fed could avoid triggering a recession
00:30
after it unveiled plans to lower interest rates in 2024.
00:34
Turning our attention now to the housing market, mortgage rates have fallen back below 7 percent
00:39
for the first time since August.
00:41
Rates have now dropped for the seventh consecutive week.
00:44
They now stand at 6.95 percent.
00:47
And according to Freddie Mac, rates may drop even further, with its chief economist saying,
00:52
"Given inflation continues to decelerate and the Federal Reserve Board's current expectations
00:58
that they will lower the federal fund's target rate next year, we likely will see a gradual
01:03
thawing of the housing market in the new year."
01:06
And as you might expect, with rates continuing to drop, mortgage applications are on the
01:11
rise.
01:12
Applications have now risen for the sixth consecutive week, according to the Mortgage
01:16
Bankers Association.
01:17
And while rates are nowhere near their August high of 7.79 percent, rates are still higher
01:23
than they were at this time last year, when they stood at 6.31 percent.
01:28
That'll do it for your daily briefing.
01:30
From the floor of the New York Stock Exchange, I'm JD Durkin with The Street.
01:33
Thanks.
01:33
[BLANK_AUDIO]
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