Loan Rates Fall to 9-Month Lows

Mortgage rates posted more drops this week, lowering the borrowing costs of potential home shoppers and refinancers. “Lower mortgage rates combined with continued income growth and lower energy prices are all positive indicators for consumers that should lead to a firming of home sales,” says Sam Khater, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages for the week ending Jan. 10:

  • 30-year fixed-rate mortgages: averaged 4.45 percent, with an average 0.5 point, falling from last week’s 4.51 percent average. Last year at this time, 30-year rates averaged 3.99 percent.
  • 15-year fixed-rate mortgages: averaged 3.89 percent, with an average 0.4 point, dropping from last week’s 3.99 percent average. A year ago, 15-year rates averaged 3.44 percent.
Source: Freddie Mac