Freddie Mac’s Primary Mortgage Market Survey (PMMS) finds the 30-year fixed-rate mortgage (FRM) averaged 6.33% as of December 8, down from a week earlier, when it averaged 6.49%.
A year ago at this time, the 30-year FRM averaged 3.10%.
“Mortgage rates decreased for the fourth consecutive week, due to increasing concerns over lackluster economic growth,” says Sam Khater, Freddie Mac’s chief economist. “Over the last four weeks, mortgage rates have declined three quarters of a point, the largest decline since 2008. While the decline in rates has been large, homebuyer sentiment remains low with no major positive reaction in purchase demand to these lower rates.”
The 15-year fixed-rate mortgage averaged 5.67%, down from last week when it averaged 5.76%. A year ago at this time, the 15-year FRM averaged 2.38%.