Daily Real Estate News | Friday, January 31, 2014

Fixed-rate mortgages inched lower again this week, lowering borrowing costs for home shoppers and refinancers.

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 30:

30-year fixed-rate mortgages averaged 4.32 percent, with an average 0.7 point, dropping from last week’s 4.39 percent average. Last year at this time, 30-year rates averaged 3.53 percent.
15-year fixed-rate mortgages averaged 3.40 percent, with an average 0.6 point, lower than last week’s 3.44 percent average. A year ago at this time, 15-year rates averaged 2.81 percent.
5-year hybrid adjustable-rate mortgages averaged 3.12 percent, with an average 0.5 point, dropping from last week’s 3.15 percent average. Last year at this time, 5-year ARMs averaged 2.70 percent.
1-year ARMs averaged 2.55 percent, with an average 0.4 point, rising from last week’s 2.54 percent average. A year ago, 1-year ARMs averaged 2.59 percent.