Mortgage rates slip back to 21-month low: Freddie Mac

February 5, 2015

WASHINGTON (2/6/15)--After edging up the week prior, average fixed-mortgage rates fell back near their May 2013 lows this week, according to numbers from Freddie Mac.

The 30-year fixed-rate mortgage rate averaged 3.59% for the week ending Feb. 5, down from 3.66% the week prior ( Feb. 5). A year ago, the 30-year fixed-rate mortgage rate averaged 4.32%.

"Mortgage rates fell this week following the release of weaker than expected pending-home sales, which fell 3.7% in December," said Len Kiefer, Freddie Mac deputy chief economist. "Moreover, real GDP growth for the fourth quarter was 2.6%."

The 15-year fixed-rate mortgage rate dropped to 2.92% for the week, down from 2.98% the week prior, according to Freddie Mac. Last year at this time the rate averaged 3.4%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage rate averaged 2.82% for the week, down from 2.86%, while the one-year Treasury-indexed adjustable-rate mortgage rate averaged 2.38%, just down from 2.39% the prior week.

The 30-year fixed-rate mortgage rate as tracked by the Mortgage Bankers Association in its weekly mortgage application survey dropped four basis points for the week ending Jan. 30 to 3.79%.

This is 22 basis points below the level seen four weeks ago, and 68 basis points down year-over-year ( Feb. 4).