Long-Term Mortgage Rates Eased

Even though the Federal Reserve raised its key borrowing rate last week for the seventh time this year; the long term mortgage rate has declined for the fifth week straight. Which is a good sign considering that it hit a high note of 7.08% in early November.

Freddie Mac: The average 30-year fixed rate mortgage slipped to 6.31% from 6.33% previously, declining for the fifth straight week. It was 3.12% a year ago.

The short term/ 15-year mortgage rate also saw a decline last week. The short term rate went from 5.67% to 5.54%; this is a good sign for those looking to refinance as the 15 year term is popular with refinancers.

Although we would all like to see rates closer to what they were last year this is a good sign that we are making progress to more attractive rates.