Mortgage rates have mostly stabilized this month and are now essentially at the same point they were last spring, but that hasn't yet given a boost to home sales, which declined over the same period.
“Given that the economy remains on solid footing and weekly mortgage purchase application activity has been strong so far in 2019, we expect the decline in home sales to moderate or even reverse over the next couple of months,” says Sam Khater, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages for mortgage rates in the week ending Jan. 24:
- 30-year fixed-rate mortgages: averaged 4.45 percent, with an average 0.4 point, unchanged from last week. Last year at this time, 30-year rates averaged 4.15 percent.
- 15-year fixed-rate mortgages: averaged 3.88 percent, with an average 0.4 point, holding the same as last week. A year ago, 15-year rates averaged 3.62 percent.
- 5-year hybrid adjustable-rate mortgages (ARMs): averaged 3.90 percent, with an average 0.3 point, rising from last week’s 3.87 percent average. A year ago, 5-year ARMs averaged 3.52 percent.
Source: Freddie Mac
