Rates on 30-year fixed-rate mortgages averaged 4.32 percent with an average point of 0.7 for the week ending Jan. 30, down from 4.39 percent last week but up from 3.53 percent a year ago, according to Freddie Mac’s latest Primary Mortgage Market Survey.
Rates on 15-year fixed-rate mortgages and five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans also decreased, while rates on one-year Treasury-indexed ARMs inched up.
“Mortgage rates eased somewhat as new-home sales fell 7 percent in December to a seasonally adjusted pace of 414,000 units, below the consensus,” said Frank Nothaft, vice president and chief economist, Freddie Mac. “The S&P/Case-Shiller 20-city composite house price index declined 0.1 percent for the month of November, the first decrease since November 2012.”
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”