Mortgage Rates Take Another Drop

Mortgage rates continued to decline in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.60% as of Dec. 12, down from last week when it averaged 6.69%. A year ago at this time, it averaged 6.95%.

The 15-year fixed-rate mortgage averaged 5.84%, down from last week when it averaged 5.96%. A year ago at this time, it averaged 6.38%.

“The 30-year fixed-rate mortgage decreased for the third consecutive week,” said Sam Khater, Freddie Mac’s chief economist. “The combination of mortgage rate declines, firm consumer income growth and a bullish stock market have increased homebuyer demand in recent weeks. While the outlook for the housing market is improving, the improvement is limited given that homebuyers continue to face stiff affordability headwinds.”