Mortgage Rates Remain Relatively Flat

(RTTNews) - Mortgage rates, or interest rates on home loans, inched down slightly after recording gains in the past few weeks, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.55 percent for the week ending January 27, 2021, down slightly from 3.56 percent last week. A year ago at this time, the average rate was 2.73 percent.

The 15-year FRM this week averaged 2.80 percent, up from 2.79 percent last week. A year ago at this time, the 15-year FRM averaged 2.20 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.70 percent, up from last week when it averaged 2.60. It was 2.80 percent a year ago.

"Following a month-long rise, mortgage rates effectively stayed flat this week," said Sam Khater, Freddie Mac's Chief Economist. "Recent rate increases have yet to significantly impact purchase demand, as history demonstrates that potential homebuyers who are on the fence will often enter the market at the start of rate increase cycles."
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