Mortgage Rates Just Hit a Nearly 8-Month Low: Should Homebuyers Shop Now Rather Than Wait Until Spring?

Forget waiting for the busy spring housing market to bloom—the snowy weeks ahead might just turn out to be a good time to buy a home.

Mortgage rates for a 30-year fixed-rate home loan sank to an average of 6.60% for the week ending Jan. 18, hitting a low not seen since last spring, according to Freddie Mac.

“Mortgage rates decreased this week, reaching their lowest level since May of 2023,” says Freddie Mac chief economist Sam Khater. “This is an encouraging development for the housing market and in particular first-time homebuyers who are sensitive to changes in housing affordability.”

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By Margaret Heidenry