Mortgage rates continued to inch down during the first week of 2015, according to Freddie Mac's Primary Mortgage Market Survey.
During the week ended Jan. 8, the average rate for a 30-year fixed-rate mortgage (FRM) was 3.73%, down from 3.87% the previous week. A year ago at this time, the 30-year FRM averaged 4.51%.
The average rate for a 15-year FRM was 3.05%, down from 3.15% the previous week. A year ago at this time, the 15-year FRM averaged 3.56%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.98%, down from 3.01% the week prior. A year ago, the five-year ARM averaged 3.15%.
The average rate for a one-year Treasury-indexed ARM was 2.39%, down from 2.40% the previous week. At this time last year, the one-year ARM averaged 2.56%.
‘Mortgage rates fell to begin the year as 10-year Treasury yields slid beneath 2 percent for the first time in three months,’ explains Frank Nothaft, vice president and chief economist for Freddie Mac, in a release. ‘Meanwhile, the Fed minutes indicated ongoing discussion regarding the timing of the first rate hike. Of the few economic releases this week, ADP Research Institute reports the private sector added an estimated 241,000 jobs in December, which exceeded market expectations and followed an upward revision of 19,000 jobs in November.’