Mortgage rates moved down this week, with the average rate for a 30-year falling to 6.19%, down from 6.23% 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 6.69%.
“Mortgage rates decreased for the second straight week as we emerged from the Thanksgiving holiday,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Compared to this time last year, mortgage rates are half a percent lower, creating a more favorable environment for homebuyers and homeowners.”
For the week ended December 4, the average rate for a 15-year fixed-rate mortgage was 5.44%, down from 5.51% last week and down from 5.96% a year ago.
On Wednesday, the Mortgage Bankers Association reported that mortgage application volume decreased 1.4% during the week ended November 28, as mortgage rates fell.
Photo: Declan Sun