Mortgage rates decreased for a third straight week as the average rate for a 30-year fixed-rate mortgage dropped to 6.6%, down from 6.69% 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 6.95%.
“The 30-year fixed-rate mortgage decreased for the third consecutive week,” says Sam Khater, chief economist for Freddie Mac, in a statement. “The combination of mortgage rate declines, firm consumer income growth and a bullish stock market have increased homebuyer demand in recent weeks. While the outlook for the housing market is improving, the improvement is limited given that homebuyers continue to face stiff affordability headwinds.”
The average rate for a 15-year fixed-rate mortgage was 5.84%, down from 5.96% last week and down from 6.38% a year ago.
Yesterday, the Mortgage Bankers Association reported that mortgage application volume increased 5.4% on an adjusted basis during the week ended December 6, as rates fell from the previous week.
Photo: Ali Rezaei