Mortgage Rates Drop for Fifth Straight Week, Still More than Double from Year Ago

Mortgage rates continued a slow but steady decline over the past week, suggesting a small but notable reversal from the meteoric rise they underwent over the past year. 

Thirty-year fixed mortgage rates “averaged 6.31 percent as of December 15, 2022, down from last week when it averaged 6.33 percent,” Freddie Mac said in its weekly rate update on Thursday.

Fifteen-year rates, meanwhile, averaged 5.54%, down from 5.67% last week.

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