Gas prices fall below $4 nationwide as mortgage rates decline for fourth straight week

Americans are seeing some relief at the gas pump as the national average price for regular gasoline falls below $4 a gallon for the first time since July.

(CNN)- Americans are seeing some relief at the gas pump as the national average price for regular gasoline falls below $4 a gallon for the first time since July.

According to AAA, the average price of self-serve regular gasoline dropped below the $4 mark this week, providing some relief for drivers facing higher living expenses.

“Whether you’re going to school or work or what have you, it’s the one metric that Americans really feel passionate about because it really is a measure of how Americans feel they can go about their lives,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

Despite the decline, gasoline prices remain at their highest levels ever recorded for the month of November.

De Haan says prices could continue falling through the holiday season if global tensions ease.

“If everything between now and Christmas is de-escalatory it’s not impossible by Christmas the national average could be $3.75, maybe even lower. Diesel prices could be $5.50 to $5.75,” De Haan said.

Meanwhile, mortgage rates are also moving lower, declining for the fourth consecutive week.

According to Freddie Mac, mortgage rates remain above 7%, a level they have maintained since late September.

Despite high borrowing costs and continued affordability challenges, real estate industry leaders say Americans remain interested in buying homes.

“Despite affordability concerns, despite macroeconomic uncertainties, the desire and the ambition to own a home is very much alive,” said Kamini Lane, president and CEO of Coldwell Banker Realty.

However, the combination of rising home prices and elevated mortgage rates has made homeownership increasingly difficult for many potential buyers.

“The reality is when you couple the rate of increase of the average home price in the U.S. with the rate of increase of mortgage rates over the last several years, affordability has really shrunk,” Lane said.

The declines in gasoline prices and mortgage rates offer some potential financial relief, although both transportation and housing costs remain significant concerns for American households.