WASHINGTON–Average mortgage rates, which crested the 4% mark last week, have again sunk below that threshold.
According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.97% with an average 0.6 point for the week ending Jan. 7, 2016, down from one week earlier when it averaged 4.01%. At the same point in 2014, the 30-year FRM averaged 3.73%.
Meanwhile, the 15-year FRM as of Jan. 7 averaged 3.26%, with an average 0.5 point, up from 3.24% last week.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.09% in the same survey, with an average 0.5 point, up from one week earlier when it averaged 3.08%.