Freddie Mac weekly report on mortgage interest rates showed little change from recent weeks for fixed rates, although adjustable rates are a bit higher.
The 30-year fixed rate was 4.46% in the January 31 week, essentially the same as the 4.45% in the prior three weeks. The month-to-date average was also 4.46%, down 41 basis points from December’s 4.87%.
The 15-year fixed rate was 3.89% in the January 31 week, much the same as it was for the prior three weeks. The January month-to-date average was 3.91%, down 18 basis points from 4.09% in December.
The 5/1-year adjustable rate rose to 3.96% in the January 31 week, and rose slightly in the prior three weeks from 3.83%. The January month-to-date average was 3.91%, down 11 basis points from 4.02% in December.
These are lows not seen in more than six months.
The more stable and lower mortgage interest rates are good news for the housing market as it stabilizes after turning softer late in 2018. Even better news is that mortgage rates probably will not see a repeat of the swift increases in the October-December 2018 now that expectations of further Fed rate hikes have been pushed further out.
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