Massachusetts Home Buyer Guide

Average U.S. mortgage interest rates were unchanged for the week ending December 5, 2019, compared to the previous week, but remained more than 1 percentage point lower than the same week in 2018, according to Freddie Mac's weekly Primary Mortgage Market Survey.

The 30-year, fixed-rate mortgage loan averaged 3.68 percent, with an average 0.5 point, the same as the prior week. During the same week last year, the 30-year note averaged 4.75 percent.

"This week the economy sent mixed signals, leaving mortgage rates unchanged," Sam Khater, Freddie Mac's Chief Economist, said. "Survey data for manufacturing and service industries varied while construction spending fell modestly; however, homebuyer demand continued to improve, rising 8 percent [nationwide]. Clearly, homebuyers remain bullish on the real estate market."

The 15-year, fixed-rate mortgage loan averaged 3.14 percent, with an average 0.4 point, down slightly from 3.15 percent the week before. A year ago, the 15-year loan averaged 4.21 percent.

The five-year, adjustable-rate mortgage (ARM) averaged 3.39 percent, with an average 0.4 point, compared to 3.43 percent. Last year during the same week, the five-year ARM averaged 4.07 percent.

Despite favorable interest rates, Massachusetts homebuyers, especially first-time homebuyers, have struggled with rising home prices and declining inventory.