Average fixed mortgage rates declined from the previous week, according to Freddie Mac’s weekly market survey.

Frank Nothaft, vice president and chief economist for Freddie Mac, pointed to the low inflation rate for December as a bright spot.

"Mortgage rates were flat to down a little this week amid reports that inflation remains subdued. The Consumer Price Index was up to 0.3 percent in December after being unchanged in November. For the year as a whole, consumer prices rose just 1.5 percent in 2013."

The 30-year fixed-rate mortgage averaged 4.39 percent for the week ending Jan. 23, down from last week when it averaged 4.41 percent. A year ago at this time, the 30-year fixed averaged 3.42 percent. 

The 15-year fixed this week averaged 3.44 percent, down from last week when it averaged 3.45 percent. A year ago at this time, the 15-year fixed averaged 2.71 percent. 

The 5-year adjustable-rate mortgage (ARM) averaged 3.15 percent this week, up from last week when it averaged 3.1 percent. A year ago, the 5-year ARM averaged 2.67 percent.