Mortgage Rates Keep Falling for Third Consecutive Week

By Sabela Ojea

Mortgage rates continued declining for a third consecutive week amid growing optimism for a slower pace of Federal Reserve rate increases.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage fell to 6.49% from 6.58% the prior week. A year ago, the average rate was 3.11%.

Average 15-year rates were 5.76%, down from 5.90% last week, Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate averaged 2.39%.

"Even as rates decrease and house prices soften, economic uncertainty continues to limit home buyer demand as we enter the last month of the year," said Sam Khater, Freddie Mac's chief economist.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

December 01, 2022 12:14 ET (17:14 GMT)

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