After several weeks of declines, U.S. mortgage rates essentially held steady for the second straight week, according to Freddie Mac.
The 30-year fixed mortgage rate averaged 3.11% for the week ending Dec. 2 — up from 3.10% last week. Five months ago, mortgage rates hit 2.65%, which was the lowest since tracking began in 1971. A year ago, mortgage rates stood at 2.71%.
“Mortgage rates continue to remain stable notwithstanding volatility in the financial markets,” said Sam Khater, Freddie Mac’s chief economist. “The consistency of rates in the face of changes in the economy is primarily due to the evolution of the pandemic, which lingers and continues to pose uncertainty. This low mortgage rate environment offers favorable conditions for refinancing.”
Low mortgage rates help propel U.S. home sales and the refinance market.