Mortgage rates continue to retreat from a year-end surge, with rates on 30-year fixed-rate loans hitting a four-week low, according to a weekly rate survey conducted by Freddie Mac.

Rates on 30-year fixed-rate mortgages averaged 4.71 percent with an average 0.8 point for the week ending Jan. 13, down from 4.77 percent last week and 5.06 percent a year ago. The 30-year fixed-rate mortgage hit a record low of 4.17 percent during the week ending Nov. 11, then surged to an average of 4.86 percent in the final week of 2010.

Mortgage rates continue to retreat from a year-end surge, with rates on 30-year fixed-rate loans hitting a four-week low, according to a weekly rate survey conducted by Freddie Mac.

Rates on 30-year fixed-rate mortgages averaged 4.71 percent with an average 0.8 point for the week ending Jan. 13, down from 4.77 percent last week and 5.06 percent a year ago. The 30-year fixed-rate mortgage hit a record low of 4.17 percent during the week ending Nov. 11, then surged to an average of 4.86 percent in the final week of 2010.

For 15-year fixed-rate loans, rates averaged 4.08 percent with an average 0.7 point, down from 4.13 percent last week and 4.45 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 3.72 percent with an average 0.7 point, down from 3.75 percent last week and 4.32 percent a year ago. The 5-year ARM hit an all-time low in records dating to 2005 of 3.25 percent in November.

The Mortgage Bankers Association projects rates on 30-year fixed-rate loans will rise to an average of 5.5 percent during the fourth quarter of this year.

An MBA survey showed demand for purchase loans was down a seasonally adjusted 3.7 percent during the week ending Jan. 7 in comparison to the week before. Demand for purchase loans was down 10.5 percent from the same week a year ago, the MBA said.

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