Mortgage rates decrease slightly

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Real Estate

Mortgage rates decreased one basis point to 3.10% in the week ending Dec. 9, remaining low and stable despite tighter housing supply and affordability, according to the latest Freddie Mac PMMS mortgage report.

A year ago at this time, the average 30-year fixed-rate loan averaged just 2.71%, according to the report published on Thursday.

Sam Khater, Freddie Mac’s chief economist, said in a statement that rates have moved sideways over the last several weeks, fluctuating within a narrow range.

“Going forward, the path that rates take will be directly impacted by more information about the Omicron variant as it is revealed and the overall trajectory of the pandemic,” Khater said. “In the meantime, rates remain low and stable, even as the nation faces declining housing affordability and low inventory.”

The survey focuses on conventional, conforming, and fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.

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