Mortgage rates fell for a second consecutive week, as the average rate for a 30-year dropped to 4.63%, down from 4.75% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year fixed-rate mortgage was 3.93%.
For the week ended Dec. 13, the average rate for a 15-year fixed-rate mortgage was 4.07%, down from 4.21%. A year ago at this time, the average rate for a 15-year was 3.36%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 4.04%, down from 4.07%. A year ago at this time, the five-year ARM averaged 3.36%.
“The 30-year fixed fell to 4.63 percent this week – the lowest it has been since mid-September,” says Sam Khater, chief economist for Freddie Mac, in a release. “Mortgage rates have either fallen or remained flat for five consecutive weeks and purchase applicants are responding with an uptick in demand given these lower rates.
“While the housing market softened in response to higher rates through most of this year, the combination of a low unemployment and recent downdraft in rates should support home sales heading into the early winter months,” he adds.