Here’s some good news to start the new year: mortgages are a little cheaper.
The average rate for a 30-year fixed-rate mortgage fell to 4.20% from 4.32% from last week, according to Freddie Mac.
This is the first drop in the 30-year fixed rate since the presidential election.
Potential new spending and tax cut plans proposed by Donald Trump, along with a rate hike from the Federal Reserve sent the interest rate on the U.S. government’s 10-year Treasury note surging in the weeks after November 8.
