Mortgage Rates Flat This Week
Interest rates on both fixed-rate and adjustable-rate mortgages saw very little change this week, according to the latest survey from Freddie Mac.
The traditional 30-year fixed-rate mortgage averaged 5.67 percent, down from 5.68 percent last week, while the 15-year fell to 5.15 percent from 5.17 percent last week.
The one-year ARM averaged 5.03 percent, down from 5.05 percent last week, and the 5/1 ARM fell to 5.21 percent from 5.32 percent.
A year ago, the 30-year averaged 6.28 percent, 15-year mortgages averaged 6.02 percent, the one-year ARM 5.49 percent, and the 5/1 ARM 5.99 percent.
“Long-term mortgage rates were little changed this week, largely in sync with the movements in the Treasury bond yields during the same time,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.
“Additionally, economic news released in the past week showed that the economy continues to be weak,” Nothaft said, referring to jobs data showing a 17,000 loss in U.S. January nonfarm payrolls last week, the first monthly decline since August 2003.
Earlier this morning, the National Association of Realtors said its December index of pending home sales fell a larger-than-expected 1.5 percent after posting a three percent drop in November.
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