Freddie Mac's recent Primary Mortgage Market Survey reveals a continued downward trend in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 6.67%.
“The 30-year fixed-rate mortgage remained below 7% for the second week in a row, a welcome downward trend after 17 consecutive weeks above 7%,” said Sam Khater, Freddie Mac’s Chief Economist. “Lower rates are bringing potential home buyers who were previously waiting on the sidelines back into the market and builders already are starting to feel the positive effects. A rise in home builder confidence, followed by new home construction reaching its highest level since May, signals a response to meet heightened demand as current inventory remains low.”
The 30-year FRM averaged 6.67% as of December 21, 2023, down from last week when it averaged 6.95%. A year ago at this time, the 30-year FRM averaged 6.27%.
The 15-year FRM averaged 5.95%, down from last week when it averaged 6.38%. A year ago at this time, the 15-year FRM averaged 5.69%.
