Results of Freddie Mac’s Primary Mortgage Market Survey® for the week ending January 28 showed the 30-year fixed-rate mortgage averaging 4.98 percent with an average 0.6 point paid to obtain that rate. This is down so slightly from the prior week that Freddie Mac headlined its press release as Mortgage Rates Flat. Last year at this time, the 30-year FRM averaged 5.10 percent.
The 15-year FRM this week averaged 4.39 percent with an average 0.6 point, down slightly from last week when it averaged 4.40 percent. A year ago at this time, the 15-year FRM averaged 4.80 percent.
The day before Freddie’s survey ended, the Federal Reserve Open Market Committee notes from its December meeting were released. The Fed noted that economic activity has continued to strengthen, but there is continued “substantial resource slack” so that inflation is likely to be “subdued” for some time. Translated from Fed-speak, the economy is improving but is still in bad shape and we’re not raising rates anytime soon because we are more afraid of reversing the trend toward improvement than we are afraid of inflation.
Here are the numbers from Freddie Mac's January 28 press release:
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