Industry NewsMortgage

Pressure on mortgage rates eases

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Mortgage rates eased this week, with rates on 30-year fixed-rate loans falling for only the second time in the last eight weeks, according to a weekly rate survey conducted by Freddie Mac.Rates on 30-year fixed-rate mortgages averaged 4.77 percent with an average 0.8 point for the week ending Jan. 6, down from 4.86 percent last week and 5.09 percent a year ago. The 30-year fixed-rate mortgage hit a low in records dating back to 1971 of 4.17 percent during the week ending Nov. 11.For 15-year fixed-rate loans, rates averaged 4.13 percent with an average 0.8 point, down from 4.2 percent last week and 4.5 percent a year ago. The 15-year fixed-rate loan hit a low in records dating back to 1991 of 3.57 percent in November.The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) rate averaged 3.75 percent this week, with an average 0.7 point, down from 3.77 percent last week and 4.44 percent a year ago. The 5-year ARM hit an all-time low in records dating to 2005 of 3.25 percent i...