Rates on 30-year fixed-rate mortgages did drop to around 4.41 percent for the week ending today lower than the 4.51 percent a week ago indicating signs of a weakening economic recovery.
The average rate on 15-year fixed-rate mortgages fell to 3.45 % compared to 3.56 % last week, all the while the average on the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) dropped from 3.15 percent to 3.1 percent and the one-year Treasury-indexed ARM seemed to hold steady .
Frank Nothaft, Freddie Mac’s vice president and chief economist, in a statement felt that the lower rates were due to the lower than expected 74,000 jobs added to the economy in December, which was “less than the market consensus forecast,” and also added that retail sales rose just 0.2 percent in December, which was only half of November’s 0.4 percent increase.
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