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Mortgage Rates Slide To Start Year

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Mortgage rates or interest rates on home loans dropped in start of the year, according to mortgage provider Freddie Mac.

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.95 percent for the week ending January, 4 2018, down from last week's 3.99 percent. A year ago at this time, the average rate was 4.20 percent.

The 15-year FRM this week averaged 3.38 percent, down from 3.44 percent last week. A year ago at this time, the 15-year FRM averaged 3.44 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.45 percent, down from last week's 3.47 percent. It was 3.33 percent a year ago.

"Treasury yields fell from a week ago, helping to drive mortgage rates down to start the year. The 30-year fixed-rate mortgage fell 4 basis points from a week ago to 3.95 percent in the year's first survey. Despite increases in short-term interest rates, long-term interest rates remain subdued. The 30-year mortgage rate is down a quarter of a percentage point from where it was a year ago and the spread between the 30-year fixed and 5/1 adjustable rate mortgage is the lowest since 2009," said Len Kiefer, Deputy Chief Economist.

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