Weekly Mortgage Rates Decrease But Housing Market Remains Tough
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Mortgage interest rates managed to string together two consecutive weeks of decreases for the first time since September. The week ending Dec. 5, the average rate on the 30-year fixed-rate mortgage fell 21 basis points to 6.59%, according to rates provided to NerdWallet by Zillow. A basis point is one-one hundredth of a percentage point.
The timing is not great. With the holiday season kicking into full gear and winter weather causing chaos in some parts of the country, many potential home buyers have likely put house hunting on hold. For the intrepid few that plow ahead with their home searches, slightly lower interest rates and less competition could help.
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