15-year Mortage Rate below 3 percent
Freddie Mac delivered fantastic news for prospective homebuyers and mortgage refinancers as average fixed mortgage rates continue to decline. The agency's weekly survey showed that the average rate on a 30-year, fixed-rate mortgage was 3.66 percent, down from 3.73 percent last week and 4.41 percent a year ago. That puts the average rate on par with its level in mid-May 2013.
Average rates on a 15-year mortgage also slid this week, to 2.98 percent from 3.05 percent last week and 3.45 percent a year ago. It was the first time since May 30, 2013, that the interest rate on that loan product fell below 3 percent.
"Mortgage rates fell for the third consecutive week as oil prices plummeted and long-term Treasury yields continued to drop despite a strong employment report," said Frank Nothaft, Freddie Mac's chief economist.
On Wednesday, the Mortgage Bankers Association reported that the volume of mortgage applications for the week ended Jan. 9 increased 49 percent on a seasonally adjusted basis. Applications for mortgage refinancings rose 66 percent from the previous week, to the highest level seen since July 2013. * Reported by The Miami Herald
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