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August 29, 2014

Lower Mortgage Rates Give Buyers Some Relief

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Lower Mortgage Rates Give Buyers Some Relief

For the second consecutive week, fixed-rate mortgages moved lower, Freddie Mac reports in its weekly mortgage market survey. 

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 23: 

  • 30-year fixed-rate mortgages averaged 4.39 percent, dropping from last week’s 4.41 percent average, with an average 0.7 point. Last year at this time, 30-year rates averaged 3.42 percent. 
  • 15-year fixed-rate mortgages averaged 3.44 percent, dropping from last week’s 3.45 percent average, with an average 0.7 point. A year ago at this time, 15-year rates averaged 2.71 percent. 
  • 5-year hybrid adjustable-rate mortgages averaged 3.15 percent, rising from last week’s 3.10 percent average, with an average 0.5 point. Last year at this time, 5-year ARMs averaged 2.67 percent.
  • 1-year ARMs averaged 2.54 percent, dropping from last week’s 2.56 percent average, with an average 0.5 point. A year ago, 1-year ARMs averaged 2.57 percent. 

Source: Freddie Mac

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