Mortgage rates continue to fall as the end of the year approaches, dropping to their lowest level since mid September.

“Mortgage rates have either fallen or remained flat for five consecutive weeks and purchase applicants are responding with an uptick in demand given these lower rates,” said Freddie Mac Chief Economist Sam Khater.
“While the housing market softened in response to higher rates through most of this year, the combination of a low unemployment and recent downdraft in rates should support home sales heading into the early winter months.”

According to the Freddie Mac Primary Mortgage Market Survey, 30-year fixed rates averaged 4.63 percent for the week ending December 13. The week before, rates averaged 4.75 percent. Last year’s average 30-year rate was 3.93 percent.

The rate for 15-year fixed loans fell from 4.21 percent to 4.07 percent. A year ago at this time, the average 15-year rate was 3.36 percent.

Five-year adjustable-rate mortgages averaged 4.04 percent down from last week when it averaged 4.07 percent. A year ago at this time, the 5-year ARM averaged 3.36 percent.