FMCC Federal Home Loan Mortgage Corporation (QB)

By Will Feuer

Mortgage rates kept falling over the past week as the housing market digested softening inflation data and a smaller rate hike from the Federal Reserve.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage fell to 6.31% from 6.33% the prior week. A year ago, the average rate was 3.12%.

Average 15-year rates were 5.54%, down from 5.67% last week, Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate averaged 2.34%.

"Mortgage rates continued their downward trajectory this week, as softer inflation data and a modest shift in the Federal Reserve's monetary policy reverberated through the economy," said Sam Khater, Freddie Mac's chief economist.

"The good news for the housing market is that recent declines in rates have led to a stabilization in purchase demand. The bad news is that demand remains very weak in the face of affordability hurdles that are still quite high," he said.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

December 15, 2022 12:14 ET (17:14 GMT)

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