David Price, RE/MAX Centre Realty

Mortgage Rates Begin 2017 Lower

For the first time since the 2016 presidential election, long-term mortgage rates have dipped downward.

Mortgage buyer Freddie Mac reports that the average rate on 30-year fixed-rate loans declined from 4.32 percent to 4.2 percent last week. The average rate for 15-year fixed-rate mortgages fell, too, from 3.55 percent to 3.44 percent last week.

December also saw a slight softening in credit demands, with the Mortgage Bankers Association reporting that its credit availability index increased 0.6 percent in December.

This marks the fourth consecutive month that saw an increase in consumer mortgage credit availability.