Mortgage rates fell slightly last week as markets digested new data giving mixed signals about the health of the economy.
The average 30-year mortgage rate was 6.18% through Wednesday, up from 6.21% a week earlier, according to Freddie Mac data. The average 15-year mortgage rate increased slightly from 5.47% to 5.5%.
“Lower interest rates provide a timely and welcome gift to future homebuyers,” Sam Khater, Freddie Mac’s chief economist, said in a statement.
Learn more: How to get the lowest mortgage rates now
The 10-year Treasury yield, which mortgage rates closely track, has been volatile due to conflicting economic data releases. Last week, Consumer Price Index data, impacted by the government shutdown, showed inflation eased unexpectedly in November. But a new report released Tuesday says U.S. gross domestic product jumped 4.3% in the third quarter.
Mortgage rates have been in a tight range around 6.2% since mid-September. They are unlikely to change much in the final week of the year, amid a lighter holiday trading schedule that includes early stock and bond market closes on Christmas Eve and no trading on Christmas Day.
“We don’t expect big swings in mortgage rates for the rest of the year, amid a traditionally slow home buying month and an already sluggish year for real estate activity,” Realtor.com senior economist Jake Krimmel said in a statement.
Mortgage applications for purchases and refinances decline slightly at the end of the year. Purchase applications fell 4% through Friday from the previous week, while refinancings were down 6%, according to the Mortgage Bankers Association.
Claire Boston is a senior reporter for Yahoo Finance, covering housing, mortgages and homeowners insurance.
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