Mortgage Rates Trickle Down
Mortgage rates pretty much moved as little as possible while still managing to move this week, according to the latest survey from mortgage financier Freddie Mac.
The uber-popular 30-year fixed slipped a single basis point to 4.98 percent during the week ending January 28, and remains just below the 5.10 percent seen this time a year ago.
The 15-year fixed also fell a single basis point from 4.40 percent to 4.39 percent, and is still beating its year-ago average of 4.80 percent.
“Mortgage rates held steady this week ahead of the Federal Reserve’s (Fed) policy committee meetings,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.
“The Fed announced on January 27th that economic activity has continued to strengthen. It also noted that with substantial resource slack continuing to restrain cost pressures and with longer-term inflation expectations stable, inflation is likely to be subdued for some time” (Why mortgage rates move).
Adjustable-rate mortgages were even more erratic, with the five-year ARM dipping two basis point to 4.25 percent and the one-year ARM plummeting three basis points to 4.29 percent.
A year ago, the five-year ARM averaged 5.27 percent and the one-year ARM stood at 4.90 percent.
The mortgage rates above are good for conforming loan amounts at a loan to value of 80 percent; pricing adjustments may raise or lower your actual rate.
Jumbo loans continue to price a percentage point or more higher than conforming loans.
(photo: eddie~s)
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