Mortgage Rates Continue To Fall

(RTTNews) - Mortgage rates, or interest rates on home loans, remained below the 7 percent mark for the second week in a row, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage averaged 6.67 percent as of December 21, 2023, compared to last week when it averaged 6.95 percent. A year ago at this time, the 30-year FRM averaged 6.27 percent.

The 15-year fixed-rate mortgage averaged 5.95 percent, up from last week when it averaged 6.38. A year ago at this time, the 15-year FRM averaged 5.69 percent.

"The 30-year fixed-rate mortgage remained below seven percent for the second week in a row, a welcome downward trend after 17 consecutive weeks above seven percent," 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."