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s of December 5, 2024, the average rate for a 30-year fixed-rate mortgage (FRM) stood at 6.69 percent, according to Freddie Mac's latest Primary Mortgage Market Survey. This marks a decrease from last week's average of 6.81 percent.

    Freddie Mac's Chief Economist, Sam Khater, noted that despite a modest drop in rates, purchase demand has improved significantly. He attributed this responsiveness to prospective homebuyers as evidence that affordability remains a challenge.

    The 30-year FRM averaged 6.69 percent as of December 5, down from last week and lower than the 7.03 percent average at this time last year.

    The 15-year FRM also saw a decrease, averaging 5.96 percent on December 5, compared to 6.10 percent the previous week and 6.29 percent at this time in 2023.