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Mortgage rates end year lower: Freddie Mac

The average 30-year fixed-rate mortgage was 6.61% for the week ending Dec. 28, according to Freddie Mac's latest Primary Mortgage Market Survey.

Mortgage rates continued their downward trend this week, wrapping up a tumultuous year for the housing market on a positive note, according to Freddie Mac. 

The average 30-year fixed-rate mortgage was 6.61% for the week ending Dec. 28, according to Freddie Mac's latest Primary Mortgage Market Survey. That's a decrease from the previous week when it averaged 6.67%. A year ago, the 30-year fixed-rate mortgage averaged 6.42%. 

The average rate for a 15-year mortgage was 5.93%, down from 6.95% last week and up from 5.68% last year. 

"The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down," said Freddie Mac Chief Economist Sam Khater said. "Heading into the new year, the economy remains on firm ground with solid growth, a tight labor market, decelerating inflation, and a nascent rebound in the housing market."

Homebuyers can find the best mortgage rate by shopping around and comparing options. You can visit an online marketplace like Credible to compare rates, choose your loan term, and get preapproved with multiple lenders at once.


Higher mortgage rates have done little to slow the rise in home prices this year. Nationwide, home prices now stand 4.8% above their year-ago level, while the 10- and 20-city composite indices were up 5.7% and 4.9%, respectively, according to the latest S&P CoreLogic Case-Shiller Indices report.

Home prices in the CoreLogic S&P Case-Shiller Index have increased by 7% since the beginning of the year. They are 1% higher than at the peak in 2022, recovering all losses recorded in the second half of 2022, according to CoreLogic Chief Economist Dr. Selma Hepp. The record annual home price growth trend could continue as the Federal Reserve potentially reverses course on interest rate hikes and mortgage rates dip further south.

"The 2023 housing market closed on a considerably lighter note than expected only one month ago," Hepp said in a statement. "With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023. In addition, given the stronger seasonal gains seen in early 2023, annual home price appreciation should accelerate this winter before slowing again next year. Still, most markets will continue to reach new home price highs over the course of 2024."

If you are looking to take advantage of the current mortgage rates by refinancing your mortgage loan or are ready to shop for the best rate on a new mortgage, consider visiting an online marketplace like Credible to compare rates and get preapproved with multiple lenders at once.


Pending home sales in November were unchanged compared with October and 5.2% lower than in November of last year, despite the dip in mortgage rates, according to the National Association of Realtors (NAR).

While sales didn't shift in November, lower rates did drive an increase in inquiries, as evidenced by the number of lockbox openings, according to NAR Chief Economist Lawrence Yun. If rates continue to drop, it's likely to result in more sales going forward.

"Pending home sales tend to lead existing home sales by roughly one-to-two months," Chief Economist Danielle Hale said. "Today's data signal that home sales activity could register better than expected in's 2024 Housing Forecast if mortgage rates are able to hold on to the improvement garnered in the last two months, which has been faster than anticipated."

"With home prices likely to remain high, mortgage rates will be an important determinant of both affordability and overall activity," Hale continued. 

If you want to become a homeowner, you could still find the best mortgage rates by shopping around. Visit Credible to compare your options without affecting your credit score.


Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at and your question might be answered by Credible in our Money Expert column.

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