low mortgage rates

The week of December 18 marked the 15th record low for mortgage rates this year.


The 30-year fixed-rate mortgage dipped further to an average of 2.67%, the lowest rate ever recorded by Freddie Mac, with records dating back to 1971.

“The housing market continues to surge higher and support an otherwise stagnant economy that has lost momentum in the last couple of months,” said Sam Khater, Freddie Mac’s chief economist.

“Mortgage rates are at record lows and pushing many prospective homebuyers off the sidelines and into the market. Homebuyer sentiment is sanguine and purchase demand shows no real signs of waning at all heading into next year.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 17: 30-year fixed-rate mortgages: averaged 2.67%, with an average 0.7 point, falling from last week’s 2.71% average. This time last year, 30-year rates averaged 3.73%.

15-year fixed-rate mortgages: averaged 2.21%, with an average 0.6 point, falling from last week’s 2.26%. A year ago, 15-year rates averaged 3.19%.

5-year hybrid adjustable-rate mortgages: averaged 2.79%, with an average 0.3 point, unchanged from last week. A year ago, 5-year ARMsaveraged 3.36%.

However, it’s being reported that the forces behind the drop in rates have been shifting over the last few months, and rates are poised to potentially rise modestly this year. The combination of rising mortgage rates and increasing home prices could accelerate a decline in affordability in the spring home sales season.

If you are thinking of buying or selling – now is the best time.

Dani Repasky

Marketing Director

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