Mortgage rates took a downturn in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.69% as of Dec. 5, down from last week when it averaged 6.81%. A year ago at this time, it averaged 7.03%.
The 15-year fixed-rate mortgage averaged 5.96%, down from last week when it averaged 6.10%. A year ago at this time, it averaged 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.”
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