Mortgage rates decreased for a second straight week, as the average rate for a 30-year fixed-rate mortgage fell to 6.69%, down from 6.81% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 7.03%.
“This week, mortgage rates decreased to their lowest level in over a month,” says Sam Khater, chief economist for Freddie Mac, in a statement. “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.”
The average rate for a 15-year fixed-rate mortgage was 5.96%, down from 6.10% last week and down from 6.29% a year ago.
Yesterday, the Mortgage Bankers Association reported that mortgage application volume increased 2.8% on an adjusted basis during the week ended November 29, as the average contract rate for 30-year fixed-rate mortgage with conforming loan balance fell for a second week.
Photo: Ali Rezaei