Fixed-mortgage rates were basically flat during the week ended January 24, with the average rate for a 30-year at 4.45%, unchanged from the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 4.15%.
It was the third consecutive week that fixed rates were basically flat.
This bodes well for the housing industry as the spring home shopping season approaches.
“Mortgage rates have stabilized during the last month and are essentially at the same level as last spring – yet the most recent home sales are roughly half a million lower over the same period,” says Sam Khater, chief economist for Freddie Mac, in a release. “Given that the economy remains on solid footing and weekly mortgage purchase application activity has been strong so far in 2019, we expect the decline in home sales to moderate or even reverse over the next couple of months.”
The average rate for a 15-year fixed-rate mortgage was 3.88%, also flat compared with last week. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.62%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.90% up from 3.87%. A year ago at this time, the average rate for a five-year ARM was 3.52%.