A month after hitting a seven-year high, mortgage rates are showing signs of moderating.
According to the latest Freddie Mac Primary Mortgage Market Survey, rates dropped across the board for the week ending December 6.
“Mortgage rates declined this week amid a steep sell-off in U.S. stocks,” said Sam Khater, Freddie Mac’s chief economist. “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 rate for a 30-year fixed rate mortgage was 4.75 percent last week. That was down from 4.81 percent the week before. A year ago at this time, the average 30-year mortgage rate was 3.94 percent.
Rates on 15-year fixed mortgages fell from 4.25 percent to 4.21 percent. A year ago at this time, the 15-year rate averaged 3.36 percent.
Five-year adjustable rate mortgages (ARM) averaged 4.07 percent last week, down from 4.12 percent the week before. Last year’s 5-year ARM averaged 3.36 percent.
At the end of the week, Bankrate.com listed the average 30-year fixed mortgage rate at 4.57 percent; 15-year fixed at 3.98 percent; 30-year jumbo rates at 4.61 percent; and a 5-year ARM at 4.12 percent.
Wells Fargo’s rates for the past week were 4.75 percent on a 30-year fixed; 4.375 percent on a 30-year jumbo; 4.25 percent on a 15-year fixed and 4 percent on a 15-year jumbo; and between 3.75 percent and 4.25 percent on ARMs.
Bank of America listed rates at the end of the week as follows: 4.5 percent for a 30-year fixed; 3.875 percent for a 15-year fixed; 3.625 percent for a 5-year ARM.
U.S. Bank listed its average 30-year fixed at 4.75 percent and 20-year at 4.625 percent. Its 5-year ARM is 4.625 percent and 10-year ARM is 4.125 percent.