The average primary market rate for a 30-year fixed rate mortgage dropped four basis points during the week ending Jan. 5, returning to its record low of 3.91%.
Frank Nothaft, vice president and chief economist at Freddie Mac, noted in his weekly report that while most rates came in a little lower, some recent data reports indicate some recent economic indicators are showing signs of improvement in housing and manufacturing.
When it comes to mortgage rates tracked by Freddie, only the average rate for the one-year Treasury-indexed adjustable-rate mortgage rose during the week. It was up by two basis points at 2.8%.
The average 15-year FRM rate inched down a basis point at 3.23% and the five-year Treasury hybrid dropped two basis points to 2.86%.
Average points were 0.8 of a point for FRMs, 0.7 of a point for Treasury hybrids and 0.6 of a point for one-year Treasury ARMs.
A year ago, average weekly rates were as follows: 4.77% for 30-year loans, 4.13% for 15-year FRMs, 3.75% for five-year Treasury hybrids and 3.24% for one-year Treasury ARMs.
