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Freddie Mac's (OTCQB: FMCC) Primary Mortgage Market Survey® shows that mortgage rates dropped in the past week after weeks of moderating.
Sam Khater, Freddie Mac’s chief economist, says, “Mortgage rates declined this week amid a steep sell-off in U.S. stocks. This week’s rate reaction to the volatile stock market is a welcome relief to prospective home buyers who have recently experienced rising rates and rising home prices.”
30-year fixed-rate mortgage (FRM) averaged 4.75% with an average 0.5 point for the week ending December 6, 2018, down from last week when it averaged 4.81. A year ago at this time, the 30-year FRM averaged 3.94%.
15-year FRM this week averaged 4.21% with an average 0.4 point, down from last week when it averaged 4.25%. A year ago at this time, the 15-year FRM averaged 3.36%. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.07% with an average 0.3 point, down from last week when it averaged 4.12. A year ago at this time, the 5-year ARM averaged 3.36%.
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