The average rate for a 30-year fixed-rate mortgage slid two basis points to 3.38% in Freddie Mac’s latest weekly survey.
The average 15-year fixed-rate mortgage held steady at 2.66% during the week ending Jan. 16. The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage also remained unchanged at 2.67%.
But the average one-year Treasury ARM rate dropped by three basis points compared to the previous week. This rate was 2.57% during the week ended Thursday.
Average points during the week remained lowest for one-year Treasury ARMs at 0.4 of a point, followed by the five-year Treasury-indexed hybrid at 0.6 of a point, and 0.7 of a point for 15- and 30-year loans.
A year ago, the weekly average for the 30-year rate was 50 basis points lower at 3.88%. The year-ago weekly average for the 15-year rate was 3.17%. A year ago, the five-year Treasury hybrid rate’s weekly average was 2.82%, and the weekly average for the one-year Treasury ARM rate was 2.74%.