Interest Rates drop again!
Another week, another new low for the long term mortgage markets.
For the 11th consecutive week Freddie Mac's Primary Mortgage Market Survey showed that the average interest rate for the 30-year fixed-rate mortgage (FRM) broke another record in the 37-year history of the survey. During the week ended January 15 the rate averaged 4.96 percent with 0.7 point, down from last week's average of 5.01 percent with 0.6 point.
The 15-year FRM was up three basis points from the week ended January 8, averaging 4.65 percent. Fees and points averaged 0.7 point both weeks.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) dropped nearly a quarter of a point, from 5.49 percent with 0.7 point to 5.25 percent and 0.6 point. This is the lowest rate for the 5-year hybrid since September 8, 2005 although Freddie Mac has only tracked this mortgage since January 1 of that year.
Source: Mortgage News Daily