Thursday
July 24, 2014

Mortgage Rates Slide for Fifth Straight Week

|
-A A +A

Mortgage Rates Slide for Fifth Straight Week

Mortgage rates continued to inch down this week as the 30-year fixed-rate mortgage averaged 4.23 percent, Freddie Mac reports in its weekly mortgage market survey.

"Mortgage rates fell further this week following the release of weaker housing data,” Frank Nothaft, Freddie Mac’s chief economist says. “The pending home sales index fell 8.7 percent in December to its lowest level since October 2011. Fixed residential investment negatively contributed to GDP in the fourth quarter for the first time since the third quarter of 2010.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 6:

  • 30-year fixed-rate mortgages: averaged 4.23 percent, with an average 0.7 point, dropping from last week’s 4.32 percent average. Last year at this time, 30-year rates averaged 3.53 percent.
  • 15-year fixed-rate mortgages: averaged 3.33 percent, with an average 0.7 point, falling from last week’s 3.40 percent average. A year ago at this time, 15-year rates averaged 2.77 percent. 

  • 5-year hybrid adjustable-rate mortgages: averaged 3.08 percent, with an average 0.5 point, falling from last week’s 3.12 percent average. Last year at this time, 5-year ARMs averaged 2.63 percent.
  • 1-year ARMs: averaged 2.51 percent, with an average 0.5 point, dropping from last week’s 2.55 percent average. A year ago, 1-year ARMs averaged 2.53 percent.

Source: Freddie Mac

Read More:

Frigid Weather, Rising Prices Cooling Sales Contracts