“By all accounts, mortgage rates remain low and, along with a strong market, are fueling the consumer-driven economy by boosting purchasing power, which will certainly support housing market activity in the coming months,” says Sam Khater, Freddie Mac’s chief economist.
The National Association of REALTORS® released a study this week showing how high home prices are stymieing job growth in some metro areas.
Freddie Mac reports the following national averages for the week ending Jan. 16:
- 30-year fixed-rate mortgages: averaged 3.65%, with an average 0.7 point, rising slightly from last week’s 3.64% average. Last year at this time, 30-year rates averaged 4.45%.
- 15-year fixed-rate mortgages: averaged 3.09%, with an average 0.7 point, inching up slightly from a 3.07% average. A year ago, they averaged 3.88%.