Rates for 30-year fixed mortgages fell to a 10-month low, according to the latest Freddie Mac Primary Mortgage Market Survey.
For the week ending February 7, the average 30-year fixed mortgage rate was 4.41 percent. That was down from 4.46 percent the week before. Last year, the average rate for a 30-year mortgage was 4.32 percent.
Rates for 15-year fixed loans fell from an average of 3.89 percent to 3.84 percent. A year ago, the 15-year rate averaged 3.77 percent.
Five-year adjustable rate mortgages carried an average rate of 3.91 percent last week. That was lower than the 3.96 rate the week before. Last year’s average rate for 5-year ARMs was 3.57 percent.
“The U.S. economy remains on solid ground, inflation is contained and the threat of higher short-term rates is fading from view, which has allowed mortgage rates to drift down to their lowest level in 10 months,” said Freddie Mac Chief Economist Sam Khater.
“This is great news for consumers who will be looking for homes during the upcoming spring homebuying season. Mortgage rates are essentially similar to a year ago, but today’s buyers have a larger selection of homes and more consumer bargaining power than they did the last few years.”