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%.