Mortgage rates declined for the fourth consecutive week, according to The Federal Home Loan Mortgage Corporation, or Freddie Mac.
The average 30-year fixed-rate mortgage dropped to 6.33% for the week ending Dec. 8, down from 6.49% the week before, but still more than twice the 3.10% it was a year ago.
The Federal Reserve has been hiking interest rates in an effort to combat inflation, but mortgage rates have been falling following signs inflation could be easing.
“While the decline in rates has been large, homebuyer sentiment remains low with no major positive reaction in purchase demand,” said Sam Khater, chief economist at Freddie Mac.
