Mortgage Rates on Downward Trend in the U.S.

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Mortgage rates in the U.S. have dropped four weeks in a row, as the market recovery slows, according to Freddie Mac.

The average 30-year fixed-rate mortgage was 4.23 percent this week, down from 4.32 percent last week. A year ago at this time it was 3.53 percent. 

The latest decrease follows the release of weaker housing data. 

"The pending home sales index fell 8.7 percent in December to its lowest level since October 2011," Frank Nothaft, chief economist, Freddie Mac, said in the report. "Fixed residential investment negatively contributed to GDP in the fourth quarter for the first time since the third quarter of 2010. Also, the Institute for Supply Management reported a significant slowing in growth in the manufacturing industry in December than the market consensus forecast." 

The 15-year fixed-rate mortgage averaged 3.33 percent this week, down from 3.40 percent last week. At this time last year it was 2.77 percent.

The one-year treasury-indexed ARM averaged 2.51 percent this week, down from last week's 2.55 percent.