WASHINGTON–Mortgage rates moved slightly lower last week, the second consecutive week to see declines, according to Freddie Mac.
The 30-year fixed-rate mortgage (FRM) averaged 4.12% with an average 0.5 point for the week ending Jan. 12, 2017, down from one week earlier when it averaged 4.20%. In 2016 at this time the 30-year FRM averaged 3.92%.
The 15-year FRM averaged 3.37% with an average 0.5 point, down from one week earlier when it averaged 3.44%. One year earlier the 15-year FRM averaged 3.19%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23% with an average 0.5 point, down from one week earlier when it averaged 3.33%. In 2016 at the same time the 5-year ARM averaged 3.01%.
"After absorbing a mixed December jobs report; the 10-year Treasury yield fell 8 basis points,” says Sean Becketti, chief economist, Freddie Mac, in a released statement. “The 30-year mortgage rate moved in tandem with Treasury yields falling 8 basis points to 4.12%, the second decline since the presidential election. The December jobs report showed 156,000 jobs added, barely meeting many experts' expectations, while wage growth was at the high end of expectations at 0.4%. If strong wage gains persist, they may push inflation and interest lower.”