Realty World - Sierra PropertiesLicense #: 00319644

Realty World - Sierra PropertiesLicense #: 00319644

Holiday Gift for Home Buyers: 'Big Drop in Mortgage Rates'

The 30-year fixed-rate mortgage posted a big drop this week, falling to a 3.05% average, Freddie Mac reports.

“The market volatility resulting from the COVID-19 omicron variant is causing mortgage rates to decrease,” says Sam Khater, Freddie Mac’s chief economist. “As the year comes to a close, the housing market is proceeding steadily. However, rates are expected to increase in 2022 which will impact home buyer demand as well as refinance activity.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 23:

30-year fixed-rate mortgages: averaged 3.05%, with an average 0.7 point, dropping from last week’s 3.12% average. Last year at this time, they averaged 2.66%.

15-year fixed-rate mortgages: averaged 2.30%, with an average 0.7 point, down from last year when it averaged 2.34%. A year ago, they averaged 2.19%.

Source: Freddie Mac

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