Freddie Mac’s Primary Mortgage Market Survey reported that the 30 year fixed rate mortgage averaged 6.12% for the week ending December 14, 2006. That marked a slight increase from 6.11% the prior week. One year earlier, the same mortgage averaged 6.30%.
The 15 year fixed rate mortgage averaged 5.86%, up from 5.84% the previous week. At the same time last year, the 15 year rate averaged 5.85%.
Although the movement appears minimal, even small shifts in Nashville mortgage rates can influence affordability in the Nashville housing market.
Why mortgage rates remained stable despite mixed data
Freddie Mac’s chief economist noted that mixed economic reports limited significant rate changes. Stronger job growth and higher retail sales suggested economic resilience. However, weaker wage growth and lower consumer sentiment offset that optimism.
Because mortgage rates often track long term bond yields, they tend to respond to overall expectations rather than single data points. As a result, rates remained relatively stable during this period.
Forecasts at the time suggested that long term mortgage rates could rise in the coming year. Even so, expectations indicated rates would likely remain below 7%, which would help moderate pressure in the broader housing market.
What stable mortgage rates meant for Nashville real estate
When mortgage rates move within a narrow range, buyers often maintain activity levels. Stable financing costs provide clarity for budgeting and long term planning.
In markets such as downtown Nashville, predictable rate environments can support steady transaction volume. However, mortgage rates represent only one factor. Local inventory levels, employment growth, and migration trends also shape demand across Middle Tennessee.
Monitoring Nashville mortgage rates helps buyers and sellers understand how national economic signals interact with local housing conditions.
