The Markets. Fixed rates on home loans fell sharply in the past week to their lowest levels since May of last year, in response to the markets — especially the continued drop in oil prices. Freddie Mac announced that for the week ending January 8, 30-year fixed rates decreased to 3.73% from 3.88% the week before. The average for 15-year loans fell to 3.05%. Adjustables were down slightly, with the average for one-year adjustables decreasing one tick to 2.39% and five-year adjustables down to 2.98%. A year ago, 30-year fixed rates were at 4.51%, which is over 0.75% higher than today’s levels. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac — “Rates on home loans fell to begin the year as 10-year Treasury yields slid beneath 2.0% for the first time in three months. Meanwhile, the Fed minutes indicated ongoing discussion regarding the timing of the first rate hike. Of the few economic releases this week, ADP Research Institute reports the private sector added an estimated 241,000 jobs in December, which exceeded market expectations and followed an upward revision of 19,000 jobs in November.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices For Adjustable Rate Mortgages
Updated January 9, 2014
|
Daily Value |
Monthly Value |
|
January 8 |
December |
6-month Treasury Security |
0.08% |
0.11% |
1-year Treasury Security |
0.23% |
0.21% |
3-year Treasury Security |
1.00% |
1.06% |
5-year Treasury Security |
1.50% |
1.64% |
10-year Treasury Security |
2.03% |
2.21% |
12-month LIBOR |
|
0.602% (Dec) |
12-month MTA |
|
0.121% (Dec) |
11th District Cost of Funds |
|
0.686% (Nov) |
Prime Rate |
|
3.25% |
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