Mortgage rates have dropped significantly across the board, according to the “Primary Mortgage Market Survey” from Freddie Mac.
“Mortgage rates fell to the lowest level in nine months, and in response, mortgage applications jumped more than 20 percent,” said Sam Khater, Freddie Mac’s chief economist. “Lower mortgage rates combined with continued income growth and lower energy prices are all positive indicators for consumers that should lead to a firming of home sales.”
Additional takeaways on rates are as follows:
• The 30-year fixed-rate mortgage averaged 4.45 percent with an average 0.5 point for the week ending Jan. 10, 2019, down from last week when it averaged 4.51 percent. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.99 percent.
• The 15-year fixed-rate mortgage averaged 3.89 percent with an average 0.4 point, down from last week when it averaged 3.99 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.44 percent.
• The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.83 percent with an average 0.3 point, down from last week when it averaged 3.98 percent. A year ago at this time, the 5-year adjustable rate mortgage averaged 3.46 percent