Mortgage Rates Down to Start Year
Mortgage rates are starting out the New Year at or near their all-time lows, trending down slightly from the week before, according to rate survey figures released today by Freddie Mac.
Average interest rates on 30-year fixed-rate mortgages dropped to 3.91 percent, matching their all-time low in the Freddie Mac survey, down from 3.95 percent last week. That’s close to a full percentage point lower than where they were last year at this time, when 30-year rates were averaging 4.77 percent, which seemed very low at the time. Interest rates on 15-year fixed-rate mortgages and 5-year adjustable rate mortgages (ARMs) also declined slightly from last week, hovering just above their all-time lows. Average rates on 15-year loans fell to 3.23 percent, down from 3.24 percent last week, while initial rates on 5-year ARMs dropped to 2.86 percent, down 2.88 percent last week. Full post…