Mortgage

Freddie Mac: Mortgage rates finally fall

Stock market woes attributed to decline

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.”

(click to enlarge)

Freddie Mac, Rates - Dec 7

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%.

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