“Mortgage rates eased somewhat as new home sales fell 7 percent in December to a seasonally adjusted pace of 414,000 units, below the consensus,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “The S&P/Case-Shiller 20-city composite house price index
declined 0.1 percent for the month of November, the first decrease since November 2012.”
The 30-year fixed-rate mortgage averaged 4.32% this week, down from last week’s 4.39%. Last year at this time, the 30-year FRM averaged 3.53%.
The 15-year FRM dropped to 3.40% from last week’s 3.44%. A year ago, the 15-year FRM averaged 2.81%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage fell to 3.12% from last week’s 3.15%. Last year, the 5-year ARM averaged 2.70%.
The 1-year ARM averaged 2.55% this week, a slight increase from last week’s 2.54%. A year ago, the 1-year ARM averaged 2.59%.
Fixed mortgage rates moved lower this week following the release of weaker housing numbers, according to data released today by Freddie Mac.