Housing Market

Mortgage rates decline for week ending Jan. 16 amid weak economic releases

MortgageData released by Freddie Mac on Thursday showed average fixed mortgage rates declined for the week ending Jan. 16 amid weak economic data.

The 30-year fixed-rate mortgage fell from 4.51 percent to 4.41 percent this week. One year ago, the 30-year FRM averaged 3.38 percent. The 15-year FRM fell to 3.45 percent from 3.56 percent the previous week, and one year ago, the 15-year FRM averaged 2.66 percent.

The five-year adjustable-rate mortgage averaged 3.1 percent this week, compared to 3.15 percent the week prior. One year ago, the five-year ARM averaged 2.67 percent. The one-year ARM remained unchanged at 2.56 percent.

“Mortgage rates drifted downward this week amid signs of a weakening economic recovery,” Freddie Mac Vice President and Chief Economist Frank Nothaft said. “The economy added 74,000 jobs in December, less than the market consensus forecast. Retail sales rose 0.2 percent in December, which was nearly half of November’s 0.4 percent increase. Meanwhile, the unemployment rate fell to 6.7 percent which was the lowest since October 2008.”

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