Skip to main content

Mortgage Rates Take Slight Dip to 4.77 Percent to Start the New Year

Jan 06, 2011

Freddie Mac has released the results of its first Primary Mortgage Market Survey (PMMS) of 2011. The survey results showed lower mortgage rates for both long- and short-term rates, as the 30-year fixed-rate mortgage (FRM) averaged 4.77 percent with an average 0.8 point for the week ending Jan. 6, 2011, down from last week when it averaged 4.86 percent. Last year at this time, the 30-year FRM averaged 5.09 percent. The 15-year FRM averaged 4.13 percent with an average 0.8 point, down from last week when it averaged 4.20 percent. A year ago at this time, the 15-year FRM averaged 4.50 percent. “Mortgage rates began the new year a little lower this week and remained below those at the start of 2010, which should help aid the recovery in the housing market," said Frank Nothaft, vice president and chief economist of Freddie Mac. “Low mortgage rates are an important factor in housing affordability, which in November was the highest since records began in 1971, according to the National Association of Realtors (NAR). Not surprisingly, the Realtors also reported that pending existing home sales rose for the second consecutive month in November to the strongest pace since April when the homebuyer tax credit expired. More recently, mortgage applications for home purchases at the end of 2010 were roughly running at the same rate as the beginning of the year, according to the Mortgage Bankers Association.” The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.75 percent this week, with an average 0.7 point, down from last week when it averaged 3.77 percent. A year ago, the five- year ARM averaged 4.44 percent. The one-year Treasury-indexed ARM averaged 3.24 percent this week with an average 0.6 point, down from last week when it averaged 3.26 percent. At this time last year, the one-year ARM averaged 4.31 percent. For more information, visit www.freddiemac.com.
About the author
Published
Jan 06, 2011
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024