Long-Term Rates Drop Back a Bit
Long-term mortgage rates dipped a bit in the week before Christmas, according to Freddie Mac. The mortgage giant reported that interest on 30-year, fixed loans averaged 4.81 percent — down from 4.83 percent the week before and 5.05 percent a year earlier.
The 15-year, fixed rate, meanwhile, averaged 4.15 percent compared to 4.17 percent the previous week. Initial interest on five-year adjustable-rate mortgages settled at 3.75 percent, Freddie Mac noted, while one-year ARMs closed the week at an average of 3.4 percent.