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