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Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates falling again amid declining bond yields and oil prices. Averaging 3.63 percent, the 30-year fixed-rate mortgage is at its lowest level since the week ending May 23, 2013 when it averaged 3.59 percent, down from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 4.39 percent. Also this week, the 15-year FRM this week averaged 2.93 percent with an average 0.6 point, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.44 percent.
"Mortgage rates continued to fall, albeit at a slower pace, with the 30-year fixed rate mortgage averaging 3.63 percent this week," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Housing starts picked up in December coming in at a seasonally adjusted 1.089 million unit pace and beating market expectations. Meanwhile, the drop in energy prices pushed the Producer Price Index down 0.3 percent for December and the Consumer Price Index fell 0.4 percent."
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week with an average 0.4 point, down from last week when it averaged 2.90 percent. A year ago, the five-year ARM averaged 3.15 percent. The one-year Treasury-indexed ARM averaged 2.37 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the one-year ARM averaged 2.54 percent.