Mortgage rates barely budged this week compared to the previous week, as the 30-year fixed-rate mortgage held its 4.19 percent average, Freddie Mac reports.
"The 10-year Treasury yield fell 5 basis points this week following a tepid advance estimate of fourth-quarter GDP and the Fed's decision to leave rates unchanged,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate remained flat at 4.19 percent, starting the month 47 basis points higher than this time last year. Despite the uncertainty in the market, the pending home sales index increased 1.6 percent in December, up from a decline of 2.5 percent the month prior."
Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 2:
- 30-year fixed-rate mortgages: averaged 4.19 percent, with an average 0.5 point, unchanged from last week. Last year at this time, 30-year rates averaged 3.72 percent.
- 15-year fixed-rate mortgages: averaged 3.41 percent, with an average 0.5 point, rising slightly from last week’s 3.40 percent average. A year ago, 15-year rates averaged 3.01 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.23 percent, with an average 0.4 point, increasing from last week’s 3.20 percent average. A year ago, 5-year ARMs averaged 2.85 percent.
Source: Freddie Mac
