For the week ending February 6, Freddie Mac announced that 30-year fixed rates moved down to 3.45% from 3.51% the week before. The average for 15-year loans decreased to 2.97% and the average for five-year ARMs moved up to 3.32%. A year ago, 30-year fixed rates averaged 4.41%, almost 1.00% higher than today. “As rates fell for the third consecutive week, markets staged a rebound with increases in manufacturing and service sector activity. The combination of very low interest rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months,” said Sam Khater, Chief Economist, Freddie Mac.
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.