Mortgage rates continued their decline in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.06% as of Jan. 15, down from last week when it averaged 6.16%. A year ago at this time, it averaged 7.04%.
The 15-year fixed-rate mortgage averaged 5.38%, down from last week when it averaged 5.46%. A year ago at this time, it averaged 6.27%.
“Late last week, mortgage rates dropped, driving the weekly average down to its lowest level in more than three years,” said Sam Khater, Freddie Mac’s chief economist. “The impacts are noticeable, as weekly purchase applications and refinance activity have jumped, underscoring the benefits for both buyers and current owners. It’s clear that housing activity is improving and poised for a solid spring sales season.”
