U.S. homebuyers got a break from rising interest rates for the week ending December 6, 2018, according to Freddie Mac's weekly Primary Mortgage Market Survey.
The 30-year, fixed-rate mortgage loan averaged 4.75 percent, with an average 0.5 point, a decline from 4.81 percent the previous week. Average rates were 3.94 percent the previous year.
“Mortgage rates declined this week amid a steep sell-off in U.S. stocks," Sam Khater, Freddie Mac’s chief economist, said. "This week’s rate reaction to the volatile stock market is a welcome relief to prospective homebuyers who have recently experienced rising rates and rising home prices.”
The average 15-year, fixed-rate mortgage stood at 4.21 percent, with an average 0.4 point, compared to 4.25 percent the previous week. The 15-year note averaged 3.36 percent during the same week last year.
The five-year, adjustable-rate mortgage (ARM) averaged 4.07 percent, with an average 0.3 point, down from 4.12 percent the previous week. A year ago, the 15-year ARM averaged 3.36 percent.
Borrowers may still pay closing costs, which Freddie Mac does not include in the survey.