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Last week, mortgage rates dropped for the sixth consecutive week as the market continues to react to positive economic indicators, according to Freddie Mac.

The average rate for a 30-year fixed-rate mortgage fell to 6.27% for the week ending Dec. 22, according to Freddie Mac’s Primary Mortgage Market Survey. This was a decrease from the previous week when it averaged 6.31%, yet it remains significantly higher than last year when it was 3.05%.

The average rate for a 15-year mortgage was 5.69% last week, up from 5.54% the week before and up from 2.30% last year.  

The steady decline in mortgage rates is good news for buyers sidelined by expensive borrowing costs. Still, the housing supply has been slow to build, according to Freddie Mac Chief Economist Sam Khater.  

“Rates have declined significantly over the past six weeks, which is helpful for potential homebuyers, but new data indicates homeowners are hesitant to list their homes,” Khater said. “Many of those homeowners are carefully weighing their options as more than two-thirds of current homeowners have a fixed mortgage rate of below four percent.”

If you are interested in taking advantage of lower mortgage rates, you could consider refinancing your loan to lower your monthly payment. You can visit Credible to find your personalized interest rate without affecting your credit score.