WASHINGTON – The average rate for a 30-year fixed-rate mortgage dropped two basis points to 3.35% from the previous week in Freddie Mac’s survey for the period ending Dec. 27.
Freddie Mac vice president and chief economist Frank Nothaft said in a press release the average rate for the 30-year FRM during the course of the year was the lowest in at least 65 years at 3.66%.
The average 15-year FRM rate remained the same week-to-week at 2.65%, the average rate for a five-year Treasury-indexed hybrid fell one basis point to 2.7%, and the average rate for a one-year Treasury-indexed adjustable-rate mortgage rose by four basis points to 2.56%.
Points during the most recent week averaged 0.7 of a point for three of the four types of mortgages in Freddie’s survey. The only exception was the one-year Treasury ARM, which averaged 0.5 points and is rarely originated in the current market.
A year ago, comparable rates in Freddie’s survey were as follows: 3.95% for 30-year FRMs, 3.24% for 15-year FRMs, 2.88% for five-year Treasury hybrids and 2.78% for one-year Treasury ARMs.