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.”