Thirty-Year Fixed Mortgage Rates Fall Below 7%
Mortgage Rates Drop Below Seven Percent
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending December 14th.
The 30-year fixed-rate mortgage averaged 6.95%, down from last week when it averaged 7.03%. A year ago at this time, the 30-year rate averaged 6.31%.
The 15-year fixed-rate mortgage averaged 6.38%, up from last week when it averaged 6.29%. A year ago at this time, the 15-year rate averaged 5.54%.
Commenting on the survey results, Freddie Mac Chief Economist Sam Khater said:
“Potential homebuyers received welcome news this week as mortgage rates dropped below 7% for the first time since August. Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, we likely will see a gradual thawing of the housing market in the new year.”
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