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Mortgage rates drop to the 5% range for the first time since September
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MORTGAGE RATES DROP TO THE 5% RANGE FOR THE FIRST TIME SINCE SEPTEMBER

Published Thu, Feb 2 20231:16 PM ESTUpdated Thu, Feb 2 20232:11 PM EST
Diana Olick@in/dianaolick@DianaOlickCNBC@DianaOlick
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Key Points
 * The average rate on the 30-year fixed rate mortgage has fallen to 5.99%,
   Mortgage News Daily said.
 * The rate started this week at 6.21% and fell sharply Wednesday after the
   Federal Reserve Chairman Jerome Powell said inflation “has eased somewhat but
   remains elevated.”
 * For someone buying a $400,000 home today with a 20% down payment, the monthly
   payment is $293 less than it would have been in October.

Prospective buyers at an open house in Florida.
Mike Stocker | South Florida Sun Sentinel | Tribune News Service | Getty Images

The average rate on the 30-year fixed rate mortgage has fallen to 5.99%,
according to Mortgage News Daily.

The housing market hasn’t seen the rate with a five handle since a brief blip in
early September. Before that, it was in early August.



The rate started this week at 6.21% and fell sharply Wednesday after Federal
Reserve Chairman Jerome Powell said inflation “has eased somewhat but remains
elevated,” which was a shift from previous language.

That sent bond yields lower, and mortgage rates loosely follow the yield on the
10-year Treasury.

“Measured steps can continue as long as the economic and inflation data is there
to support them. This means rates can make progress down into the 5′s but are
unlikely to stampede quickly into the 4′s,” said Matthew Graham, chief operating
officer at Mortgage News Daily. “I’m not saying that won’t happen--just that it
would take a bit more time than some of the rate rallies we remember from the
past.”

Mortgage rates peaked in October with the 30-year fixed at 7.37% and have been
sliding since then. For potential homebuyers that means savings. For a consumer
purchasing a $400,000 home today with a 20% down payment, the monthly payment is
$293 less than it would have been in October.

Lower rates already appear to be juicing buyer interest.



Pending home sales, which measure signed contracts on existing homes, rose in
December for the first time in six months. They gained 2% compared with
November, according to the National Association of Realtors. 

Stocks of the nation’s homebuilders have been on a tear since rates started to
fall back and several are seeing 52-week highs Thursday. The U.S. Home
Construction ETF is hitting a new one-year high, up over 3% on the day.

Homebuilder stocks are also reacting positively to earnings beats reported this
week from PulteGroup and last week from the nation’s largest homebuilder, D.R.
Horton. Both builders reported seeing renewed buyer interest in December,
attributing that to lower mortgage rates.


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