After weeks of moderation, mortgage rates have finally fallen, according to the latest Freddie Mac Primary Mortgage Market Survey.
According to the survey, the 30-year fixed-rate mortgage fell from 4.81% last week, averaging 4.75% for the week ending Dec. 6, 2018. However, this is still an increase from last year’s rate of 3.94%.
“Mortgage rates declined this week amid a steep sell-off in U.S. stocks,” Freddie Mac Chief Economist Sam Khater said. “This week’s rate reaction to the volatile stock market is a welcome relief to prospective homebuyers who have recently experienced rising rates and rising home prices.”
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The 15-year FRM averaged 4.21% this week, moderately falling from last week’s 4.25%. This time last year, the 15-year FRM was 3.36%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.07%, declining from 4.12% the week before. Once again, it remains much higher than this time last year when it averaged 3.36%.