Mortgage Rates Fall From Last Week

Mortgage rates fell this week from last week as new housing data was revealed. The 30-year fixed-rate mortgage averaged approximately 4.23%, down 0.10% from the previous week. The 15-year fixed-rate mortgage averaged 3.33%, down from 3.4% that was reported last week. The vice president and chief economist at Freddie Mac, Frank Nothaft said, “mortgage rates fell further this week following the release of weaker housing data. The pending home sales index fell 8.7% in December to its lowest level since October 2011. Fixed residential investment negatively contributed to GDP in the fourth quarter for the first time since the third quarter of 2010.” Additionally, the 5-year and 1-year Treasury-indexed ARM also fell this week with an average 0.5 point. More here