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Mortgage rates drop in first week of 2011

Fri, Jan 7, 2011

News

Both long and short-term rates eased in the first week of 2011, according to the most recent Freddie Mac survey.

Rates on 30-year fixed-rate mortgages averaged 4.77-percent, down from 4.86-percent in the final week of 2010.

“Mortgage rates began the new year a little lower this week and remained below those at the start of 2010,” said Freddie Mac Chief Economist Frank Nothraft in a prepared statement. “That should help aid the recovery in the housing market.”

See the full survey here.

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