Phiwath Jittamas
Long-term mortgage rates were down as concerns over lackluster economic growth increased.
30-year fixed-rate mortgage averaged 6.33% for the week ending Dec. 8, down from last week when it averaged 6.49% and higher than 3.10% a year ago, according to the Freddie Mac Primary Mortgage Survey.
15-year fixed-rate mortgage averaged 5.67%, down from last week when it averaged 5.76% and higher from 2.38% a year ago.
“Mortgage rates decreased for the fourth consecutive week, due to increasing concerns over lackluster economic growth,” Freddie Mac’s chief economist, Sam Khater, said.
“Over the last four weeks, mortgage rates have declined three quarters of a point, the largest decline since 2008,” Khater added.
Here is a look at the results of the survey:
Here is a look at the mortgage rates movement in the last 1 year:
