Average mortgage rates dropped considerably for the week ending January 5, 2017, according to the latest report from Freddie Mac. This was the first time since 2014 that rates started off the year higher than 4%.
The 30 year fixed mortgage averaged 4.20% over the week with an average 0.5 point, down considerably from last week’s report when the average was 4.32%. It was averaging 3.97% for the same time period last year.
Average rates for the 15-year mortgage was 3.44%, a drop from last week when it averaged 3.55%. Last year’s average for the same time period was 3.26%.
5-year adjustable-rate mortgage (ARM) average rates were at 3.33%, with an average 0.4 point, higher than last week when it averaged 3.30%. A year ago, the 5-year ARM averaged 3.09%.
Here are what some of the nation’s top lenders are reporting the following rates on their websites.
Bank of America’s 30-year fixed mortgage is 4.125%, and the 15 year fixed is 3.50%. The 10/1 ARM is 3.375%, and the 5 year ARM is 2.875%.
Wells Fargo is reporting the 30-year fixed are 4.25%, and the 15-year is 3.625%. 30-year refinance rates at Wells for the 30-year mortgage are at 4.375%, and the 15-year refi rates 3.625%.
Over at Chase mortgage, the 30-year fixed purchase mortgage rate is 4.125%, and the 15-year mortgage is 3.375%. Chase refinance rates for the 30-year fixed mortgage are 4.125%, and the 15-year is 3.375%.
The rates quoted above can change at any time and are not guaranteed. If you would like a live rate quote and/or to discuss other possible mortgage options, please call me, Erik Sandstrom, at 1-800-779-4547; or email me at Erik.Sandstrom@BancHomeLoans.com.
You can also search online for the latest rate quotes using the widget below.