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All • December 8, 2022

A Drop in Mortgage Rates

by Rodney Ward

 Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.33 percent.

“Mortgage rates decreased for the fourth consecutive week, due to increasing concerns over lackluster economic growth,” said Sam Khater, Freddie Mac’s Chief Economist. “Over the last four weeks, mortgage rates have declined three quarters of a point, the largest decline since 2008. While the decline in rates has been large, homebuyer sentiment remains low with no major positive reaction in purchase demand to these lower rates.”

  • 30-year fixed-rate mortgage averaged 6.33 percent as of December 8, 2022, down from last week when it averaged 6.49 percent. A year ago at this time, the 30-year FRM averaged 3.10 percent.
  • 15-year fixed-rate mortgage averaged 5.67 percent, down from last week when it averaged 5.76 percent. A year ago at this time, the 15-year FRM averaged 2.38 percent.

For more information on mortgage rate movements, please contact your mortgage lender. You may also find information online on sites such as Mortgage News Daily.

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