Mortgage rates continued to be near record lows this week, keeping housing at affordable levels for most households.Â
"Thirty-year fixed-rate loans have declined 0.62 percentage points from a year ago, and median sales prices on existing homes are off 4.7 percent in the year ending with October,â€ Frank Nothaft, Freddie Macâ€™s chief economist, said in a statement. â€œThese low rates and home prices have pushed housing affordability to record highs this year.â€
Monthly principal and mortgage interest payments accounted for 12.6 percent of a median family incomes in October, Nothaft notes. For the sixth time this year, theÂ National Housing Affordability IndexÂ reached another all-time record high, according to the National Association of REALTORSÂ®.Â
Hereâ€™s a closer look at mortgage rates for the week ending Dec. 8.
Source:Â Freddie Mac