Mortgage Rates Take a Dip

Jan 04, 2018

Mortgage rates began 2018 on the decline, according to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS).

The 30-year fixed-rate mortgage (FRM) averaged 3.95 percent for the week ending Jan. 4, down from last week when it averaged 3.99 percent. The 15-year FRM this week averaged 3.38 percent, down from last week when it averaged 3.44 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.45 percent this week, down from last week when it averaged 3.47 percent.

“Treasury yields fell from a week ago, helping to drive mortgage rates down to start the year,” said Len Kiefer, Freddie Mac’s Deputy Chief Economist. “With the FOMC minutes showing continued support for gradual increases in policy rates from many participants and inflation rates remaining low, there isn't much upward pressure on long-term rates at the moment. Whether that changes due to a tighter labor market and the economic impact of tax reform remains to be seen."

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Phil Hall

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Jan 04, 2018

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