Housing Market

Mortgage rates fall slightly for second consecutive week amid subdued inflation

mortgage rateData released by Freddie Mac showed average fixed mortgage rates fell slightly last week for the second consecutive week amid economic reports of subdued inflation.

“Mortgage rates were flat to down a little this week amid reports that inflation remains subdued,” Freddie Mac Chief Economist Frank Nothaft said. “The Consumer Price Index was up to 0.3 percent in December after being unchanged in November. For the year as a whole, consumer prices rose just 1.5 percent in 2013.”

The 30-year fixed-rate mortgage averaged 4.39 percent for the week ending Jan. 23, down from 4.41 percent the week prior. The 15-year FRM fell slightly from 3.45 percent to reach 3.44 percent last week.

The five-year adjustable-rate mortgage increased slightly from 3.1 percent to reach 3.15 percent last week. The one-year ARM fell slightly from 2.56 percent to reach 2.54 percent last week.

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