The benchmark 30-year fixed-rate mortgage hit its fourth consecutive record low this week, according to the latest interest rate survey from mortgage financier Freddie Mac.
The in-demand loan program fell to 5.01 percent during the week ending January 8, down from 5.10 percent a week earlier and 5.87 percent this time last year.
“Interest rates for 30-year fixed-rate mortgages fell for the tenth week to a fourth consecutive record low due in part to the Federal Reserve’s recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae,” said Freddie Mac chief economist Frank Nothaft.
Meanwhile, the 15-year fixed averaged 4.62 percent this week, down from 4.83 percent a week ago and 5.43 percent a year earlier.
Adjustable-rate mortgages were mixed, with the five-year ARM down eight basis points to 5.49 percent and the one-year ARM up 10 bps to 4.95 percent.
A year ago, the five-year averaged 5.63 percent and the one-year stood at 5.37 percent.
The interest rates are based on conforming loan amounts with a loan-to-value of 80 percent.
Freddie Mac also announced the extension of its foreclosure sale and eviction moratorium until January 31, along with Fannie Mae.
Apparently extra time is needed for servicers to implement the Streamlined Modification program launched on December 15.
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