Thirty year fixed-rate mortgages were down slightly in the week ending January 19 when compared with the previous week, according to the weekly Freddie Mac survey.
Freddie Mac's Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage was slightly down to 3.88 percent to a new all-time low, marking the seventh consecutive week the FRM was below 4 percent, which might make relocation cost
more affordable for Americans.
In the previous week, the FRM averaged 3.89 percent, and last year at the same time they averaged 4.74 percent.
Despite the 30-year FRM being down, the 15-year FRM in the week ending January 19 increased to 3.17 percent after averaging 3.16 percent in the previous week.
"Mortgage rates were nearly unchanged this holiday week in lieu of a mixed bag of economic data reports," said Frank Nothaft, vice president and chief economist of Freddie Mac. "On the consumer front, retail sales edged up only 0.1 percent in December, but the Reuters/University of Michigan sentiment index continued to climb in January to the highest reading since February 2011. On the business side, industrial production rose 0.4 percent in December, slightly below the market consensus forecast, and the core producer price index rose faster than market expectations."
Freddie Mac also recently announced the latest results of its 28th Annual Adjustable-Rate Mortgage, showing the ARM initial-period rates are at historically low levels.