Mortgage Rates Continue to Fall, Nearing 7% in the Week Ending December 7th

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.”

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.