“The 30-year fixed fell to 4.63 percent this week – the lowest it has been since mid-September,” said Sam Khater, Freddie Mac’s chief economist. “Mortgage rates have either fallen or remained flat for five consecutive weeks and purchase applicants are responding with an uptick in demand given these lower rates. While the housing market softened in response to higher rates through most of this year, the combination of a low unemployment and recent downdraft in rates should support home sales heading into the early winter months.”
According to Freddie Mac, 30-year fixed-rate mortgage (FRM) averaged 4.63 percent with an average 0.5 point for the week ending December 13, down from the previous week when it averaged 4.75 percent. A year ago at this time, the 30-year FRM averaged 3.93 percent.
A 15-year fixed rate mortgage this week averaged 4.07 percent with an average 0.5 point, down from last week when it averaged 4.21 percent. A year ago at this time, the 15-year FRM averaged 3.36 percent.