Mortgage rates reach a six-week low

Nearing 7% a few weeks ago, 30-year fixed-rate mortgages fall to 6.69%

Mortgage rates reach a six-week low

Nearing 7% a few weeks ago, 30-year fixed-rate mortgages fall to 6.69%

Mortgage rates are down to their lowest level in six weeks, as the 30-year fixed-rate mortgage averaged 6.69% for the week of Dec. 5, down 0.12% from the previous week’s average of 6.81%, according to Freddie Mac.

Interest rates have been following a bumpy trajectory in recent months. One year ago, the 30-year fixed-rate mortgage averaged 7.03%. Rates hit a low point of 6.08% for the week of Sept. 26, before climbing to 6.84% during the week of Nov. 21. They have been on a downward slide for the past two weeks.

At the same time, the 15-year fixed-rate mortgage averaged 5.96% during the week, down from last week’s average of 6.1%. One year ago, the 15-year fixed rate was 6.29%.

“This week, mortgage rates decreased to their lowest level in over a month,” said Sam Khater, Freddie Mac’s chief economist. “Despite just a modest drop in rates, consumers clearly have responded as purchase demand has noticeably improved. The responsiveness of prospective homebuyers to even small changes in rates illustrates that affordability headwinds persist.”

Author

More Headlines

Top Dollar Volume

Top FHA Volume

Top HELOC Volume

Most Loans Closed

Top Mortgage Brokers

Top Non-QM Volume

Top Purchase Volume

Top Refinance Volume

Top USDA Volume

Top VA Volume

Top Veteran Originators

Top Jumbo Originators

For Top Originators rankings going back to 2010, see the April editions of the magazine in our digital magazine library

Top Women Originators

Top Overall

Top Wholesale

Top Retail

Top Non-QM

Top FHA

Top VA

Top Correspondent

Top Bank Statement

Top DSCR

For Top Mortgage Lenders rankings going back to 2010, see the June editions of the magazine in our digital magazine library

Sign in to Scotsman Guide PRO

error: Content is protected !!