U.S. mortgage rates drop last week

0 Comment(s)Print E-mail Xinhua, December 7, 2018
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WASHINGTON, Dec. 6 (Xinhua) -- U.S. mortgage rates dropped last week as the window of opportunity for homebuyers remained open, the U.S. Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, said on Thursday.

For the week ending Dec. 6, 30-year fixed-rate mortgage (FRM) in the United States dropped to 4.75 percent from the previous week's figure of 4.81 percent, according to Freddie Mac.

For the same period a year ago, the 30-year FRM averaged 3.94 percent, according to Freddie Mac.

"Mortgage rates declined this week amid a steep sell-off in U.S. stocks. 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," said Sam Khater, chief economist of Freddie Mac.

The data showed that 15-year FRM this week also dropped to 4.21 percent from the previous week's reading of 4.25 percent. For the same period a year ago, the figure was 3.36 percent.

Freddie Mac is a corporation founded by U.S. Congress, aiming at promoting the stability and affordability in the U.S. housing market by purchasing mortgages from banks and other loan makers. The corporation has been conducting weekly surveys on U.S. mortgage rates since April 1971. Enditem

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