Mortgage Rates Move Down Again

For the third consecutive week, fixed-rate mortgages edged down, lowering borrowing costs for buyers and refinancers.

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 19:

• 30-year fixed-rate mortgages: averaged 4.09 percent, with an average 0.5 point, dropping from last week’s 4.12 percent. Last year at this time, 30-year rates averaged 3.81 percent.
• 15-year fixed-rate mortgages: averaged 3.34 percent, with an average 0.5 point, falling from last week’s 3.37 percent average. A year ago, 15-year rates averaged 3.10 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.21 percent, with an average 0.4 point, falling from last week’s 3.23 percent average. A year ago, 5-year ARMs averaged 2.91 percent.

Source: Freddie Mac