Mortgage Rates Move Lower for Third Consecutive Week

Mortgage

Mortgage interest rates dropped for the third consecutive week but remain higher than they were one year ago, according to Freddie Mac.

The 30-year fixed-rate mortgage averaged 4.09% for the week ending Jan. 19, down from last week when it averaged 4.12%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.81%.

This past week mortgage rates did not move in tandem with the yield on the 10-year Treasury note.

“After trending down for most of the week, the 10-year Treasury yield rose following the release of the Consumer Price Index report. In contrast, the 30-year mortgage rate fell three basis points, the third straight week of declines,” said Sean Becketti, chief economist at Freddie Mac.

The 15-year fixed-rate mortgage averaged 3.34%, down from last week when it averaged 3.37%. A year ago at this time, the 15-year averaged 3.1%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.21%, down from last week when it averaged 3.23%, while a year ago it averaged 2.91%.

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