Mortgage rates continued to fall for the fourth consecutive week, with rates on a traditional 30-year fixed mortgage falling to 5.48 percent for the week ended January 24. In its weekly rate survey, Freddie Mac said that rates averaged 5.69 percent last week. Rates on a 30-year fixed-rate mortgage have not been lower since the week ending March 25, 2004. Five-year Treasury-indexed ARMs average 5.13 percent this week, according to the rate survey, down from last week’s 5.40 percent — the lowest rate since June 2005. Rates on 15-year fixed-rate and 1-year ARMs fell as well, Freddie Mac reported. “Economic news released last week confirmed the weak condition of the housing market,” said Frank Nothaft, Freddie Mac’s chief economist. “When the Federal Reserve cut the target federal funds rate by three quarters of a percentage point, the action was extraordinary in both the magnitude and the timing of the rate cut. As a result, mortgage rates continued trending down for the fourth consecutive week across loan products.” For more information, visit http://www.freddiemac.com.
Mortgage Rates Fall to Four-Year Low
Most Popular Articles
Latest Articles
Spring housing market gets more inventory
We’ve now had back-to-back weeks of healthy housing inventory growth, making spring 2024 much healthier than spring 2023.
-
The best real estate podcasts for agents and brokers in 2024
-
Home sellers saw their profits shrink in the first quarter: Attom
-
If reelected, Trump could seek greater control over Federal Reserve
-
Acra CEO Keith Lind on staying the course amid choppy waters in non-QM
-
HUD walks back some proposed changes to HECM for Purchase program