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Illustration: Sarah Grillo/Axios Visuals

The average rates for 15- and 30-year fixed mortgage dipped to their lowest levels in three years this week, per new data from mortgage giant Freddie Mac.

The big picture: The bottom rung of the housing ladder has now ascended beyond the grasp of millions of Americans, regardless of whether they want to rent or buy, Axios' Felix Salmon reported last week. Home prices have surged in recent years.

Catch up quick: 15-year and 30-year fixed mortgage rates are continuing a steady decline that began around the new year, while hybrid adjustable-rate mortgages spiked slightly this week, per Freddie Mac.

  • "Consistently low mortgage rates" helped drive home sales higher in December, the Wall Street Journal reports.
  • "Lenders extended a greater volume of home loans in 2019 than any year since 2006," WSJ wrote, citing industry research from Inside Mortgage Finance.

What they're saying: “It’s very much a historical opportunity for folks who have an existing mortgage to refinance and for credit-qualified people to lock in a low rate,” Doug Duncan, chief economist at Fannie Mae, told the WSJ.

Go deeper: The housing market faces an uncertain 2020

Go deeper

Felix Salmon, author of Capital
2 hours ago - Technology

Facebook's scandals have been great for shareholders

Expand chart
Data: YCharts; Chart: Axios

Facebook has been embroiled in scandal for the past five years, and while the specific allegations change over time, a central theme is constant. Given the choice between commercial and moral imperatives, Facebook always seems to choose the option that is best for the share price.

Why it matters: Facebook's stock chart supports that narrative. Since the 2016 scandals alleging that the social network was infiltrated by foreign actors trying to influence the outcome of democratic elections, Facebook's revenues — and its stock — have been soaring.

Biden to tap telecom trio for NTIA, FCC posts

Jessica Rosenworcel. Photo: Bill Clark/CQ Roll Call

President Joe Biden on Tuesday is expected to name Alan Davidson as head of the telecom arm of the Commerce Department, Jessica Rosenworcel as chairwoman of the Federal Communications Commission and Gigi Sohn as a commissioner at the FCC, according to a person familiar with the process.

Why it matters: Internet availability and affordability has been a key policy priority for the White House, but the administration lagged in tapping people for the agency posts that oversee the issues.

3 hours ago - Technology

Facebook seeks fountain of youth

Data: Piper Sandler Taking Stock With Teens Study; Chart: Axios Visuals

Facebook CEO Mark Zuckerberg on Monday said that the company is pivoting its strategy to focus on young adults, following reports that teens have fled its apps.

Why it matters: A series of stories based on leaked whistleblower documents suggest the company sees the aging of its user base as an existential threat to its business.