Most mortgage rates returned to record low levels during the week ending Feb. 2, according to Freddie Mac's weekly rate report.
Frank Nothaft, Freddie's vice president and chief economist, said in the report that a below-consensus rise in the fourth quarter gross domestic product and flat consumer spending during December contributed to put downward pressure on rates. However, in contrast he noted that during the week there also was a rebound in residential construction spending during December and an increase in fixed residential investment for the third consecutive quarter.
The average 30-year rate during the most recent week averaged 3.87% with an average of 0.8 of a point, down from last week when it averaged 3.98%. Last year at this time, the 30-year FRM averaged 4.81%.
The 15-year FRM averaged 3.14% with an average of 0.8 of a point during the week ending Feb. 2, down from last week when it averaged 3.24%. A year ago at this time, the 15-year FRM averaged 4.08%.
The five-year Treasury-indexed hybrid averaged 2.8% this week, with an average 0.7 of a point, down from last week when it averaged 2.85%. A year ago, the five-year Treasury hybrid averaged 3.69%.
The one-year Treasury adjustable-rate mortgage averaged 2.76% during the most recent week with an average of 0.6 of a point, up from last week when it averaged 2.74%. At this time last year, the one-year Treasury ARM averaged 3.26%.
