Mortgage ‘Rates Move Lower’ Again!

Fixed-rate mortgages inched lower again this week, lowering borrowing costs for home shoppers and refinancers.

Freddie Mac reports the following rates for the week ending Jan. 30:

  • 30-year fixed-rate mortgages averaged 4.32 percent, with an average 0.7 point, dropping from last week’s 4.39 percent average. Last year at this time, 30-year rates averaged 3.53 percent.
  • 15-year fixed-rate mortgages averaged 3.40 percent, with an average 0.6 point, lower than last week’s 3.44 percent average. A year ago at this time, 15-year rates averaged 2.81 percent.
  • 5-year hybrid adjustable-rate mortgages averaged 3.12 percent, with an average 0.5 point, dropping from last week’s 3.15 percent average. Last year at this time, 5-year ARMs averaged 2.70 percent.

Source: Freddie Mac