Mortgage Rates Continue to Decrease 12-7-2023

“The 30-year fixed-rate mortgage averaged nearly 7 percent this week, down from nearly 7.80 percent just six weeks ago,” said Sam Khater, Freddie Mac’s Chief Economist. “When rates began to rapidly drop, purchase applications rebounded initially, but this improvement in demand diminished in the last week. Although these lower rates remain a welcome relief, it is clear they will have to further drop to more consistently reinvigorate demand.”

News Facts

• The 30-year FRM averaged 7.03 percent as of December 7, 2023, down from last week when it averaged 7.22 percent. A year ago at this time, the 30-year FRM averaged 6.33 percent.
• The 15-year FRM averaged 6.29 percent, down from last week when it averaged 6.56 percent. A year ago at this time, the 15-year FRM averaged 5.67 percent.

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