Mortgage rates continued their downward trajectory this week as the 10-year Treasury yield dropped below 4.2% for the first time since September, according to new data from Freddie Mac.

The 30-year, fixed mortgage rate averaged 7.03% for the week ending Dec. 7, according to Freddie Mac‘s Primary Mortgage Market Survey. That’s down significantly from last week’s 7.22% and up from 6.33% the same week a year ago.

Meanwhile, HousingWire’s Mortgage Rates Center showed Optimal Blue’s average 30-year fixed rate on conventional loans at 6.96% on Thursday.

The 30-year, fixed-rate mortgage fell details ⇒

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