WASHINGTON–For the first time in 10 weeks, Freddie Mac reported that fixed mortgage rates moved lower.
The latest data show:
- The 30-year fixed-rate mortgage (FRM) averaged 4.20% with an average 0.5 point for the week ending Jan. 5, 2017, down from one week earlier when it averaged 4.32%. A year ago at this time, the 30-year FRM averaged 3.97%.
- The 15-year FRM averaged 3.44% with an average 0.5 point, down from one week earlier when it averaged 3.55%. A year ago at this time, the 15-year FRM averaged 3.26%.
- The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.33% this week with an average 0.4 point, up from last week when it averaged 3.30%. A year ago, the five-year ARM averaged 3.09%.
"The 30-year mortgage rate fell this week for the first time since the presidential election, dropping 12 basis points to 4.20%,” said Sean Becketti, chief economist, Freddie Mac, in a released statement. “This marks the first time since 2014 that mortgage rates opened the year above 4%. Despite this week's breather, the 66-basis point increase in the mortgage rate since Nov. 3 is taking its toll -- the MBA's refinance index plunged 22% this week.”