Mortgage rates have yet to budge by more than a single basis point since before Thanksgiving, extending another period of stable home-loan rates amid volatile financial markets.
The average rate for a 30-year mortgage dropped to 3.10, down from 3.11 percent the week before, according to Freddie Mac’s latest lender survey.
For the week ending December 9, Freddie Mac’s weekly Primary Mortgage Market Survey reported average rates for the following types of loans:
- For 30-year fixed-rate mortgages, rates averaged 3.10 percent with an average 0.7 point, down slightly from last week’s 3.11 percent figure while remaining higher than its 2.71 percent mark from a year ago.
- Rates for 15-year fixed-rate mortgages averaged 2.38 percent with an average 0.7 point, down slightly from last week’s 2.39 percent and higher than its 2.26 percent mark a year ago.
- For 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, rates averaged 2.45 percent with an average 0.3 point, down from 2.49 percent last week and well below the 2.79 percent rate from a year ago. Rates on 5-year ARM loans are still hovering above the record-low 2.40 percent rate set during the week ending Aug. 5, 2021.
Freddie Mac’s weekly survey assumes borrowers have excellent credit and are able to put 20 percent down on a home. Borrowers with lower credit scores can expect higher interest rates on purchase loans.
Call us at (480) 205 2234 to take advantage of the stable mortgage rates on either your purchase loans or refinancing needs. |
