Mortgage Rates Have Fallen

Mortgage rates have either fallen or remained flat for five consecutive weeks and those seeking mortgages are responding with an uptick in demand given these lower rates.  The 30-year fixed-rate mortgage averaged 4.63 percent with an average 0.50 point fee for the week ending December 13, 2018, down from last week when it averaged 4.94 percent. The combination of a low unemployment rate and the recent downdraft in rates should support home sales heading into the early winter months.  A year ago at this time, the 30-year fixed-rate mortgage averaged 3.93 percent.