Mortgage Rates Continue to Fall, Nearing 7% in the Week Ending December 7th
Nearing Seven Percent, Mortgage Rates Continue to Decrease
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending December 7th.
The 30-year fixed-rate mortgage averaged 7.03%, down from last week when it averaged 7.22%. A year ago at this time, the 30-year rate averaged 6.33%.
The 15-year fixed-rate mortgage averaged 6.29%, down from last week when it averaged 6.56%. A year ago at this time, the 15-year rate averaged 5.67%.
Providing additional background and his analysis to the report, Freddie Mac Chief Economist Sam Khater said,
“The 30-year fixed-rate mortgage averaged near 7% this week, down from nearly 7.80% just six weeks ago. When rates began to rapidly drop, purchase applications rebounded initially, but this improvement in demand diminished in the last week. Although these lower rates remain a welcome relief, it is clear they will have to further drop to more consistently reinvigorate demand.”
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