Mortgage rates were largely unchanged in the past week after a significant drop the week before.

According to the latest Freddie Mac Primary Mortgage Market Survey, the average 30-year fixed rate dropped only slightly from 4.63 percent to 4.62 percent. Last year’s average 30-year rate was 3.94 percent.

Rates for 15-year mortgages were unchanged for the week at 4.07 percent. A year ago at this time, the 15-year fixed rate averaged 3.38 percent.

The average rate on a 5-year adjustable rate mortgage declined from 4.04 percent to 3.98 percent. Last year, a 5-year ARM averaged 3.39 percent.

“The response to the recent decline in mortgage rates is already being felt in the housing market. After declining for six consecutive months, existing home sales finally rose in October and November and are essentially at the same level as during the summer months,” said Freddie Mac Chief Economist Sam Khater.
“This modest rebound in sales indicates that homebuyers are very sensitive to mortgage rate changes – and given the further drop in rates we’ve seen this month, we expect to see a modest rebound in home sales as well.”