Mortgage Rates Continues To Move Down

Mortgage rates, or interest rates on home loans, continued on its downward track after reaching record levels last month, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 6.27 percent for the week ending December 22, 2022, down from 6.31 percent last week. A year ago at this time, the average rate was 3.05 percent.

The 15-year FRM this week averaged 5.69 percent, up from 5.54 percent last week. A year ago at this time, the 15-year FRM averaged 2.30 percent.

"Heading into the holidays, mortgage rates continued to move down," said Sam Khater, Freddie Mac's Chief Economist. "Rates have declined significantly over the past six weeks, which is helpful for potential homebuyers, but new data indicates homeowners are hesitant to list their homes. Many of those homeowners are carefully weighing their options as more than two-thirds of current homeowners have a fixed mortgage rate of below four percent."

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