Mortgage rates inched lower in the 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, from 6.21% a week earlier, according to Freddie Mac data. The average 15-year mortgage rate rose slightly, to 5.5% from 5.47%.
“Declining rates offer a timely and welcome gift for aspiring homebuyers,” Sam Khater, Freddie Mac’s chief economist, said in a statement.
Read more: How to get the lowest mortgage rates right now
The 10-year Treasury yield, which mortgage rates closely track, has been choppy amid conflicting economic data releases. Last week, Consumer Price Index data that was impacted by the government shutdown showed that inflation unexpectedly eased in November. But a new report released Tuesday said US gross domestic product surged 4.3% in the third quarter.
Mortgage rates have been in a narrow band around 6.2% since mid-September. They aren’t likely to change much in the final week of the year amid a lighter holiday trading schedule, which includes early closes for the stock and bond markets on Christmas Eve and no trading on Christmas Day.
“We do not expect large swings in mortgage rates over the remainder of the year, amidst a traditionally slow homebuying month during what has already been a sluggish year for housing activity,” Realtor.com senior economist Jake Krimmel said in a statement.
Mortgage applications for purchases and refinancing are edging lower as the year wraps up. Purchase applications dropped 4% through Friday from a week earlier, while refinancings were down 6%, according to the Mortgage Bankers Association.
Claire Boston is a Senior Reporter for Yahoo Finance covering housing, mortgages, and home insurance.
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