According to Freddie Mac's latest Primary Mortgage Market Survey, the average 30-year mortgage rate held steady after rising last week.
Sean Becketti, chief economist of Freddie Mac, "The 10-year Treasury yield fell 5 basis points this week following a tepid advance estimate of fourth-quarter GDP and the Fed's decision to leave rates unchanged. The 30-year mortgage rate remained flat at 4.19 percent, starting the month 47 basis points higher than this time last year. Despite the uncertainty in the market, the pending home sales index increased 1.6 percent in December, up from a decline of 2.5 percent the month prior."
Freddie Mac News Facts:
30-year fixed-rate mortgage (FRM) averaged 4.19 percent with an average 0.5 point for the week ending Feb. 2, 2017, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.72 percent.
15-year FRM this week averaged 3.41 percent with an average 0.5 point, up from last week when it averaged 3.40 percent. A year ago at this time, the 15-year FRM averaged 3.01 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23 percent this week with an average 0.4 point, up from last week when it averaged 3.20 percent. A year ago, the 5-year ARM averaged 2.85 percent.
According to Freddie Mac's latest Primary Mortgage Market Survey for the first week of January 2018, the average mortgage rate dipped in the U.S. Treasury yields fell from a week ago, helping to drive mortgage rates down to start the year.