The new year started with lower interest rates across the board, according to the Primary Mortgage Market Survey from Freddie Mac.

“Mortgage rates declined to start the new year with the 30-year fixed-rate mortgage dipping to 4.51 percent,” said Sam Khater, Freddie Mac’s chief economist. “Low mortgage rates combined with decelerating home price growth should get prospective homebuyers excited to buy. However, it will be interesting to see how the recent turmoil in the stock market will affect homebuying activity in the coming months.”

Some additional rate information is as follows:

• The 30-year fixed-rate mortgage averaged 4.51 percent with an average 0.5 point for the week ending Jan. 3, 2019, down from last week when it averaged 4.55 percent. A year ago at this time, the 30-year FRM averaged 3.95 percent.
• The 15-year FRM this week averaged 3.99 percent with an average 0.4 point, down from last week when it averaged 4.01 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent.
• The 5-year Treasury indexed hybrid adjustable-rate mortgage  averaged 3.98 percent with an average 0.2 point, down from last week when it averaged 4.00 percent. A year ago at this time, the 5-year ARM averaged 3.45 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.