Mortgage rates inched down for a third straight week during the week ended Jan. 15, according to Freddie Mac's Primary Mortgage Market Survey.
The average rate for a 30-year fixed-rate mortgage (FRM) was 3.66%, down from 3.73% the week prior. That's the lowest it's been since the week ended May 23, 2013, when it averaged 3.59%. A year ago at this time, the 30-year FRM averaged 4.41%.
The average rate for a 15-year FRM was 2.98%, down from 3.05% the previous week. It was the first time the 15-year FRM had fallen below 3% since the week ended May 30, 2013. A year ago at this time, the 15-year FRM averaged 3.45%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.90%, down from 2.98% the previous week. A year ago, the five-year ARM averaged 3.10%.
The average rate for a one-year Treasury-indexed ARM was 2.37%, down from 2.39%. At this time last year, the one-year ARM averaged 2.56%.
‘Mortgage rates fell for the third consecutive week, as oil prices plummeted and long-term treasury yields continued to drop despite a strong employment report,’ says Frank Nothaft, vice president and chief economist for Freddie Mac, in a release. ‘The economy exceeded expectations by adding 252,000 jobs in December, which followed an upward revision of 50,000 jobs to the prior two months. The unemployment rate fell to 5.6 percent, which was the lowest since June 2008.’