Average fixed mortgage rates fell amid signs of a weakening economic recovery, according to the Freddie Mac Primary Mortgage Market Survey.
30-year fixed-rate mortgage (FRM) averaged 4.41 percent for the week ending January 16, 2014, down from last week when it averaged 4.51 percent. A year ago at this time, the 30-year FRM averaged 3.38 percent.
15-year fixed mortgage rates this week averaged 3.45 percent, down from last week when it averaged 3.56 percent. A year ago at this time, the 15-year FRM averaged 2.66 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent this week, down from last week when it averaged 3.15 percent. A year ago, the 5-year ARM averaged 2.67 percent.
"Mortgage rates drifted downward this week amid signs of a weakening economic recovery," Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement. "The economy added 74,000 jobs in December, less than the market consensus forecast. Retail sales rose 0.2 percent in December, which was nearly half of November’s 0.4 percent increase. Meanwhile, the unemployment rate fell to 6.7 percent which was the lowest since October 2008."





