Mortgage rates slide for fifth straight week

Mortgage rates continued to inch down as the 30-year fixed-rate mortgage averaged 4.23 percent, Freddie Mac reported in its weekly mortgage market survey.

“Mortgage rates fell further this week following the release of weaker housing data,” said Frank Nothaft, Freddie Mac’s chief economist. “The pending home sales index fell 8.7 percent in December to its lowest level since October 2011. Fixed residential investment negatively contributed to GDP in the fourth quarter for the first time since the third quarter of 2010.”

Freddie Mac reports the following national averages with mortgage rates for the week ending February, 6:

• 30-year fixed-rate mortgages: averaged 4.23 percent, dropping from last week’s 4.32 percent average. Last year at this time, 30-year rates averaged 3.53 percent.
• 15-year fixed-rate mortgages: averaged 3.33 percent, falling from last week’s 3.40 percent average. A year ago at this time, 15-year rates averaged 2.77 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.08 percent, falling from last week’s 3.12 percent average. Last year at this time, 5-year ARMs averaged 2.63 percent.
• 1-year ARMs: averaged 2.51 percent, dropping from last week’s 2.55 percent average. A year ago, 1-year ARMs averaged 2.53 percent.