Mortgage Rates Drop To Start New Year
WASHINGTON – Mortgage rates declined this week, after rising in five of the final six weeks of 2010.
The average for the 30-year, fixed-rate loan dipped to 4.77% this week, from 4.86% the week before; while the average for the 15-year, fixed-rate mortgage slipped to 4.13%, from 4.20%, according to Freddie Mac.
ARM rates also fell, with the average for the five-year ARM dropping to 3.75%, from 3.77%; and the average for the one-year ARM slipping to 3.24%, from 3.26% last week.
“Mortgage rates began the New Year a little lower this week and remained below those at the start of 2010, which should help aid the recovery in the housing market,” said Frank Nothaft, chief economist for Freddie Mac.