Mortgage interest rates have decreased for the third consecutive week, as reported by mortgage provider Freddie Mac. As of December 12, 2024, the average rate for a 30-year fixed-rate mortgage (FRM) is 6.60 percent, a decrease from last week's 6.69 percent. In comparison, at the same time last year, the rate was 6.95 percent.
The 15-year FRM now averages 5.84 percent, down from 5.96 percent the previous week. A year ago, the 15-year FRM was at 6.38 percent.
Sam Khater, Chief Economist at Freddie Mac, stated, "The 30-year fixed-rate mortgage has decreased for the third week running. This decline, coupled with steady consumer income growth and a buoyant stock market, has driven an increase in homebuyer demand recently. Although the housing market outlook is improving, challenges remain as buyers continue to face significant affordability issues."
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