Mortgage rates fell for the second week in a row, according to the weekly survey from Freddie Mac.
- The 30-year fixed-rate mortgage averaged 6.15% for the week ending January 19th, down 18 basis points from last week but still up 259 basis points from one year ago.
- The 15-year fixed-rate mortgage averaged 5.28% for the week ending January 19th, down 24 basis points from last week but still up 249 basis points from one year ago.
Analysis. Sam Khater, Freddie Mac’s Chief Economist, said it continues to be all about rates. “Rates are at their lowest level since September of last year, boosting both homebuyer demand and homebuilder sentiment. Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern.”
MBS. Mortgage-Backed Securities saw an uptick with prices jumping 39 cents to $100.59 to close out the week ending January 18th. This is the highest price point since September.