WASHINGTON—Contrary to the direction the Fed has gone, mortgage rates moved lower for the fifth consecutive week last week.
According to Freddie Mac, the average 30-year fixed is at its lowest point since the week of April 30, 2015 when it averaged 3.68%.
Last week the 30-year fixed-rate mortgage (FRM) averaged 3.72% with an average 0.6 point for the week ending Feb. 4, 2016, down from the prior week when it averaged 3.79%, according to Freddie Mac. One year ago the 30-year FRM averaged 3.59%.
The 15-year FRM, meanwhile, last week averaged 3.01%with an average 0.5 point, down from 3.07% one week earlier. One year earlier the 15-year FRM stood at 2.92%.