Mortgage rates saw mild improvement this week after running up for weeks, mortgage financier Freddie Mac reported today.
The popular 30-year fixed-rate mortgage averaged 4.81 percent during the week ending December 23, down from 4.83 percent last week, and just below the 5.05 percent average seen this time last year.
The 15-year fixed fell to 4.15 percent from 4.17 percent, and is now just 30 basis points below the 4.45 percent average seen a year ago.
Meanwhile, the five-year adjustable-rate mortgage dipped to 3.75 percent from 3.77 percent and is well below the 4.40 percent average of last year.
The one-year ARM was the only loser of the bunch, rising to 3.40 percent from 3.35 percent, but remains about a point below the 4.38 percent average seen in late 2009.
“Mortgage rates were little changed this week following significant increases over the prior several weeks,” said Frank Nothaft, in a release.
“Economic reports in December have suggested the economy began regaining momentum towards the end of the year, with consumer spending, industrial production and exports all posting solid gains.
“Treasury yields backed up as this stronger growth outlook caused an improvement in risk appetites and the likelihood of deflation to recede further.”
The interest rates above are good for conforming loan amounts at 80 percent loan-to-value; pricing adjustments may increase or lower the rate you ultimately receive, and mortgage points must also be paid.
Jumbo loans continue to price a half percentage point or more higher than conforming mortgages.
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