Housing Market Reacts

The housing market is already reacting to the effects of mortgage rate declines.  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.  The 30-year fixed-rate mortgage averaged 4.62 percent with an average 0.40 point fee for the week ending December 20, 2018, down from last week when it averaged 4.63 percent.  A year ago at this time, the 30-year fixed-rate mortgage averaged 3.94 percent.