By Jorge Vazquez
Dec 28, 2023, 16:25 PM EST
Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 6.61 percent, giving buyers some respite at the end of the year.
“The rapid decline in mortgage rates over the past two months stabilized somewhat this week, but rates continue to trend downward,” said Sam Khater, chief economist at Freddie Mac.
“Looking ahead to the new year, the economy remains strong with solid growth, a tight labor market, slowing inflation and a nascent recovery in the housing market,” Khater added.
This is how the rates remained
30 year mortgage
The 30-year FRM averaged 6.61 percent as of December 28, 2023, up from last week when it averaged 6.67 percent. A year ago at this time, the 30-year FRM averaged 6.42 percent.
15 year mortgage
The 15-year MRF averaged 5.93 percent, down from last week when it averaged 5.95 percent. A year ago at this point, the 15-year FRM averaged 5.68 percent.
PMMS ® focuses on conventional, conforming, fully amortizing home loans for borrowers who make a 20 percent down payment and have excellent credit.
Keep reading:
· Real estate market myths that affect buyers and sellers in the US today.
· Housing: Mortgage rates in the US continue to decline
· Places homebuyers are moving to in the US.