Mortgage rates decline for the sixth week in a row…
December 12, 2023 – Last week saw a further decline in mortgage rates, which now average little over 7%. Rates have decreased for six weeks running, reversing seven weeks of increases in a row. According to Freddie Mac statistics issued on December 7, 2023, the average 30-year fixed rate mortgage decreased to 7.03 percent in the week ending on last Thursday, from 7.22 percent the week prior.
The average 30-year fixed rate was 6.33 percent a year ago. The average mortgage rate is determined by Freddie Mac using mortgage applications from thousands of lenders nationwide. Only consumers with great credit and a 20 percent down payment are included in the survey. The buyer’s rate as of right now could differ.