Freddie Mac has released the results of his Primary Mortgage Market Survey (PMMS), showing that the 30-year Fixed Rate Mortgage (FRM) averaged 6.27%which represents a decrease from the previous week.
“Ahead of the holidays, mortgage rates have continued to fall”said Sam Khater, chief economist at Freddie Mac.
“Rates have dropped significantly over the past six weeks, which is helpful for prospective homebuyers, but new data indicates homeowners are reluctant to put their homes up for sale. Many of those homeowners are carefully weighing their options, such as more than two-thirds of current homeowners have a fixed mortgage rate of less than four percentKhater added.
So were the rates
Mortgage 30 years
30-year fixed-rate mortgage averaged 6.27% as of Dec. 22, 2022, below last week when it averaged 6.31%. A year ago around this time, the 30-year FRM averaged 3.05%.
15 year mortgage
15-year fixed rate mortgage averaged 5.69%, more than last week when it averaged 5.54%. A year ago, around this time, the 15-year FRM averaged 2.30%.
PMMS ® focuses on fully amortized, compliant conventional home purchase loans for borrowers with a 20% down payment and excellent credit.
You may also like:
— Wichita, Kansas, tops the cheapest markets in December to buy a home, says RealtyHop
– Mortgage rates continue to fall but housing demand remains weak, reports Freddie Mac
– Relief for US homebuyers: Mortgage rates fall ahead of a possible change in Fed monetary policy
