Mortgage rates dipped for a second week in a row during the week ending Jan. 23, according to Freddie Mac's Primary Mortgage Market Survey.
The average rate for a 30-year fixed-rate mortgage (FRM) was 4.39%, an increase of about 0.7% compared to the week prior, when it averaged 4.41%. A year ago at this time, the 30-year FRM averaged 3.42%.
The average rate for a 15-year FRM was 3.44%, down about 0.7% compared to the previous week, when it averaged 3.45%. A year ago at this time, the 15-year FRM averaged 2.71%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.15%, an increase of about 0.5% compared to the previous week, when it averaged 3.10%. A year ago, the five-year ARM averaged 2.67%.
The average rate for a one-year Treasury-indexed ARM was 2.54%, down about 0.5% compared to the previous week, when it averaged 2.56%. At this time last year, the one-year ARM averaged 2.57%.
‘Mortgage rates were flat to down a little this week amid reports that inflation remains subdued,’ says Frank Nothaft, vice president and chief economist for Freddie Mac. ‘The Consumer Price Index was up to 0.3 percent in December after being unchanged in November. For the year as a whole, consumer prices rose just 1.5 percent in 2013.’