Mortgage Rates Drop Below The 7% Mark

The 30-year fixed-rate mortgage dropped below the 7% mark in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The product averaged 6.95% as of Dec. 14. Last week, was at 7.03%, and one year ago at this time it averaged 6.31%.

The 15-year fixed-rate mortgage averaged 6.38%, up from last week when it averaged 6.29%.A year ago at this time, it averaged 5.54%.

“Potential homebuyers received welcome news this week as mortgage rates dropped below seven percent for the first time since August,” said Sam Khater, Freddie Mac’s chief economist. “Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, we likely will see a gradual thawing of the housing market in the new year.”