The average 15-year FRM dropped four basis points to 2.77%, the average rate for a five-year Treasury-indexed hybrid declined by seven basis points to 2.63% and the average rate for a one-year Treasury-indexed adjustable-rate mortgage slid by six basis points to 2.53%.
This rate activity “followed a mostly positive employment report for January,” said Frank Nothaft, chief economist and vice president at Freddie Mac, in the weekly primary market rate report.
Average points during the week ending Feb. 7 were highest for 30-year FRMs at 0.8 of a point, followed by 15-year FRMs at 0.7 of a point and five-year Treasury hybrids at 0.6 of a point. Average points were lowest for one-year Treasury ARMs at 0.4 of a point.
Compared to a year ago, the average 30-year rate is 34 basis points lower, the average 15-year rate is 39 basis points lower, the average five-year Treasury hybrid rate is 20 basis points lower, and the average one-year Treasury ARM rate is 25 basis points lower.