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Massachusetts Home Buyer Guide

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Average U.S. Mortgage Interest Rates Decline

Dec 8, 2018 9:27:36 AM

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.

New homebuyers who learn about mortgages before buying their houseThe 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.

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Topics: Mortgage Rates & News

    

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