Fixed-Rate Mortgages Continue to Decline in the Week Ending December 21st
Mortgage Rates Continue Their Fall Below Seven Percent
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending December 21st.
The 30-year fixed-rate mortgage averaged 6.67%, down from last week when it averaged 6.95%. A year ago at this time, the 30-year rate averaged 6.27%.
The 15-year fixed-rate mortgage averaged 5.95%, down from last week when it averaged 6.38%. A year ago at this time, the 15-year rate averaged 5.69%.
Commenting on the survey results, Freddie Mac Chief Economist Sam Khater said,
“The 30-year fixed-rate mortgage remained below 7% for the second week in a row, a welcome downward trend after 17 consecutive weeks above 7%. Lower rates are bringing potential home buyers who were previously waiting on the sidelines back into the market, and builders already are starting to feel the positive effects. A rise in homebuilder confidence, followed by new home construction reaching its highest level since May, signals a response to meet heightened demand as current inventory remains low.”
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.