Freddie Mac: Mortgage rates quiet after tepid GDP estimate

Treasury yield fell 5 basis points

Mortgage rates halted after the gross domestic product estimate showed a slow-down in the fourth quarter.

“The 10-year Treasury yield fell five basis points this week following a tepid advance estimate of fourth-quarter GDP and the Fed’s decision to leave rates unchanged,” Freddie Mac Chief Economist Sean Becketti said.

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(Source: Freddie Mac)

The 30-year fixed-rate mortgage remained flat at 4.19% for the week ending February 2, 2017. While this is unchanged from last week, it is up from last year’s 3.72%.

The 15-year FRM increased only slightly from last week’s 3.4% to 3.41% this week. This is up from 3.01% last year.

The five-year Treasury-indexed hybrid adjustable-rate mortgage increased to 3.23% this week, up from last week’s 3.2% and last year’s 2.85%.

The 30-year mortgage rate remained flat at 4.19%, starting the month 47 basis points higher than this time last year,” Becketti said. “Despite the uncertainty in the market, the pending home sales index increased 1.6% in December, up from a decline of 2.5% the month prior.”

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