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Freddie Mac: Short-term and long-term rates falling

Fri, Jan 14, 2011

News

Mortgage rates fell across the board this week, according to Freddie Mac’s latest Primary Mortgage Market Survey.

Rates on a 30-year fixed mortgage fell six basis points to a four-week low of 4.71-percent, while 15-year fixed rate mortgages fell five basis points to 4.08-percent.

There was easing in the short-term markets as well, as rates on 1-year and 5-year Treasury indexed adustable rate mortgages both declined.

“Bond yields drifted lower following the release of the December employment report, which was weaker than the market concensus forecast and implied that the labor market is still in a sluggish recovery,” said Chief Economist Frank Nothaft in a prepared statement. “Fixed rate mortgages followed bond yields lower for a second consecutive week, bringing them to a four-week low.”

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