Freddie Mac reported mortgage rates more than reversed the uptick in the prior week as the the January 23 data. The decline may prompt some consumers to act quickly to ensure getting the lowest possible rate when buying a home, although this also means finding the right home to buy at a time when supplies are limited. It could also mean some home purchases will be able to afford a little more home when settling on a property. In the broader context, mortgage rates remain attractive and the housing market could see more activity than usual in the winter months.
The 30-year fixed rate was down 5 basis points to 3.60% after a 1 basis point nudge higher to 3.65% in the prior week. The average for January to-date is at 3.63%, its lowest since 3.61% in September 2019.
The 15-year fixed rate was also down 5 basis points to 3.04% after a 2 basis point rise to 3.09% in the prior week. The average for January so far is at 3.07%, the lowest since 3.08% in August 2019.
The 5/1-year ARM rate fell 11 basis points to 3.28% as of January 23, down after a 9 basis point increase to 3.39% in the prior week. The average for January is at 3.32%, the lowest since 3.36% in August 2019.
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