Mortgage Rates Decline Because of Fed Inaction: Freddie

Interest rates on fixed-rate mortgages dropped again this week as the Fed decided to hang tight on interest rates, according to Freddie Mac.

The 30-year fixed-rate mortgage fell 2 basis points to 3.79% for the week ending Jan. 28, Freddie Mac said in its weekly Primary Mortgage Market Survey. A year ago, the average rate was 3.66%.

The 15-year fixed-rate mortgage dropped 3 basis points from last week to an average of 3.1%. It was 2.98% a year ago.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.9%, down from 2.91% last week and 2.86% a year ago.

"The recent market turmoil has given the Fed pause," said Sean Becketti, Freddie Mac's chief economist.