The average weekly rate for the popular 30-year mortgage is starting off the year a little lower, according to Freddie Mac’s latest survey.
The average 30-year rate is down one basis point from last week at 3.34% and the rate for 15-year borrowers also is one basis point lower at 2.64%.
In contrast, shorter-term rates were slightly higher.
The average rate for five-year Treasury-indexed hybrid loans was up by a basis point at 2.71%, and the average rate for one-year Treasury-indexed adjustable-rate mortgages also was up by one basis point at 2.57%.
Points averaged 0.7 of a point for 30- and 15-year loans in the latest week, while five-year Treasury hybrids and one-year Treasury ARMs averaged 0.6 of a point and 0.4 of a point, respectively.
Frank Nothaft, vice president and chief economist at Freddie Mac, said in his weekly rate report that current rates remain near record lows and housing is showing signs of recovery they should continue to play a role in.
One year ago, weekly rates in Freddie’s survey averaged 3.91% for a 30-year loan, 3.23% for a 15-year loan, 2.86% for a five-year Treasury hybrid and 2.8% for a one-year Treasury ARM.