Mortgage Rates Remain On A Downward Trend

(RTTNews) - Mortgage rates, or interest rates on home loans, continue on a downward trend, 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 averaged 6.61 percent as of December 28, 2023, compared to last week when it averaged 6.67 percent. A year ago at this time, the 30-year FRM averaged 6.42 percent.

The 15-year fixed-rate mortgage averaged 5.93 percent, up from last week when it averaged 5.95. A year ago at this time, the 15-year FRM averaged 5.68 percent.

"The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down," said Sam Khater, Freddie Mac's Chief Economist. "Heading into the new year, the economy remains on firm ground with solid growth, a tight labor market, decelerating inflation, and a nascent rebound in the housing market."