Mortgage Rates Ring in New Year With a Dip

Borrowers kicked off 2018 with a mortgage rate drop.  The 30-year fixed-rate mortgage is now down a quarter of a percentage point from a year ago.

“The 30-year fixed-rate mortgage fell four basis points from a week ago to 3.95 percent in the year’s first survey. Despite increases in short-term interest rates, long-term interest rates remain subdued.”  says Len Kiefer, Freddie Mac’s deputy chief economist.

Freddie Mac reports the following national averages for the week ending Jan. 4:

  • 30-year fixed-rate mortgages: averaged 3.95 percent, with an average 0.5 point, dropping from last week’s 3.99 percent average. Last year at this time, 30-year rates averaged 4.20 percent.
  • 15-year fixed-rate mortgages: averaged 3.38 percent, with an average 0.5 point, dropping from last week’s 3.44 percent average. A year ago, 15-year ARMs averaged 3.44 percent.

Source: Freddie Mac

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