Mortgages back below 5%

Rates still expected to rise in the long term

The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills

Rates on 30-year fixed-rate mortgages dipped back below 5 percent this week, as mortgage rates followed bond yields lower for the third consecutive week, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.

The 30-year fixed-rate mortgage averaged 4.99 percent with an average 0.7 point for the week ending Jan. 21, down from 5.06 percent last week and 5.12 percent a year ago.

The 15-year fixed-rate mortgage averaged 4.4 percent with an average 0.6 point, down from 4.45 percent last week and 4.8 percent a year ago.