Mortgage interest rates began the year at a 4-week low, according to Freddie Mac’s weekly survey of mortgage lenders. 30-year fixed-rate home loans averaged 6.07%, down from 6.17% last week. 15-year fixed-rate mortgages carried an interest rate of 5.68%, compared to 5.79% a week ago. 5-year adjustable mortgages dropped from 5.90% to 5.78%, and one-year ARMs were at 5.47%.
Analysts attribute the drop in interest rates to a series of bad news about the economy and pessimistic expectations about the new year. However, the consumer confidence report picked up in December for the first time in 5 months. I wonder if it’s all holiday cheer or a long-term trend. Either way, mortgage interest rates got even better, for those who can qualify for a loan.
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