Mortgage rates continued to leave the 7% in the rearview mirror, according to Freddie Mac’s (OTCQB: FMCC) latest Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage averaged 6.67% as of Dec. 21, down from last week when it averaged 6.95%. A year ago at this time, it averaged 6.27%.
The 15-year fixed-rate mortgage averaged 5.95%, down from last week when it averaged 6.38%. A year ago at this time, it averaged 5.69%.
“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.”
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