Phoenix Business Journal – by Adam Kress
U.S. mortgage rates fell to another record low this week, the 10th consecutive week of declines.
Government-sponsored mortgage lender Freddie Mac reported Thursday that fixed rates on 30-year mortgages averaged 5.01 percent for the week ending Jan. 8. That’s down from 5.10 percent last week and well below the 5.87 percent level at this time last year.
The 30-year fixed rate mortgage has not been this low since Freddie Mac started the survey in 1971.
The 15-year fixed rate mortgage this week averaged 4.62 percent, down from 4.83 percent last week. A year ago at this time, that rate averaged 5.43 percent. The rate has not been this low since June 13, 2003, when it averaged 4.6 percent.
Five-year adjustable-rate mortgages averaged 5.49 percent this week, down from last week when they averaged 5.57 percent. At this time a year ago, the 5-year ARM averaged 5.63 percent.
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