Mortgage Rates Fall To Lowest Level in Four Weeks

Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage with an average of 6.07%. The 15-year fixed-rate mortgage averaged 5.68%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.78%. The 1-year Treasury-indexed ARMS averaged 5.74%.

Frank Nothaft, Freddie Mac Vice President and Chief Economist, described this week's events. "The new year has begun with mixed signals on the direction of the economy and mortgage market. On the downside, the Institute for Supply Management's index of manufacturing activity showed significant contraction in this sector, perhaps a harbinger of a more substantial economic slowdown to begin this year. On the upside, the Conference Board reported that consumer confidence rose in December for the first time in five months, with more positive expectations for the next six months. Furthermore, interest rates have moved lower with average 30-year fixed-rate mortgage rates down about a tenth of a percentage point, the lowest in four weeks."

The 30-year loan started at 5.91% and finished at 5.66%. The 15-year loan began at 5.45% and finished at 5.17%. The money market fund began at 3.43% and finished at 3.40%. The $10,000 money market fund started at 3.68% and finished at 3.66%. The one-year CD started at 4.35% and finished at 4.32%.