Freddie Survey Finds Slight Decline in Rates

The average rate for a 30-year fixed rate mortgage is slightly lower than it was last week but higher than it was a year ago, according to the most recent Freddie Mac Primary Mortgage Market Survey. "Interest rates for fixed-rate mortgages eased a littler further this week, while ARM rates were mixed," said Frank Nothaft, Freddie Mac vice president and chief economist. The average 30-year FRM rate during the week ended Jan. 14 was 5.06%, down from 5.09% a week ago but up from 4.96% a year ago. The average 15-year FRM rate was 4.45%, down from 4.50% a week ago and from 4.65% a year ago. The average five-year Treasury hybrid rate was 4.32%, down from 4.44% a week ago and 5.25% a year ago. The average one-year Treasury ARM rate was 4.39%, up from 4.31% a week ago but down from 4.89% a year ago. Average points were 0.7 for 30-year FRMs, 0.6 for 15-year FRMs and five-year Treasury hybrids, and 0.5 for one-year ARMs.