McLEAN, Va. – Home loan rates dipped in the new year to four-week lows, according to Freddie Mac.
The average for the 30-year, fixed-rate loan slipped to 6.07% this week, from 6.17% last week; while the average for the 15-year, fixed-rate mortgage fell to 5.68%, from 5.79%.
ARM rates also fell, with the average for the one-year ARM moving to 5.47% this week, from 5.53% last week, and the average for the five-year ARM declining to 5.78%, from 5.90%.
"The new year has begun with mixed signals on the direction of the economy and mortgage market," said Frank Nothaft, chief economist for Freddie Mac.
"On the downside, the Institute for Supply Management's index of manufacturing activity showed significant contraction in this sector, perhaps a harbinger of a more substantial economic slowdown to begin this year," he said. "On the upside, the Conference Board reported that consumer confidence rose in December for the first time in five months, with more positive expectations for the next six months."
