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Mortgage Rates Fall Below 2.7 Percent
Freddie Mac's Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage averaged 2.67%, reaching yet another survey-low just a week before the Christmas holiday. Just a year ago at this time, the 30-year averaged 3.71%.
"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."
The 15-year fixed-rate mortgage averaged 2.21%, down from last week's average of 2.26% and considerably down from its average of 3.19% a year ago. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.79%, unchanged from the previous week.