MORTGAGE RATES CONTINUE TO PLUMMET

MORTGAGE RATES CONTINUE TO PLUMMET

The latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC) finds mortgage rates in a continued decline.

The 30-year fixed-rate mortgage averaged 7.03% as of Dec. 7, down from last week when it averaged 7.22%. A year ago at this time, it averaged 6.33%.

The 15-year fixed-rate mortgage averaged 6.29%, down from last week when it averaged 6.56%. A year ago at this time, it averaged 5.67%.

“The 30-year fixed-rate mortgage averaged near 7%, down from nearly 7.80% 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.”