After rising to their highest levels since May, mortgage rates dropped slightly to open the new year, according to Freddie Mac.
A 30-year fixed-rate mortgage fell to 4.77%, down from the last week of 2010, when it climbed to 4.86%. Those rates are still off from a year ago, when a 30-year fixed-rate mortgage averaged 5.09%. The lower rates might help boost sales going into 2011.
“Mortgage rates began the new year a little lower this week and remained below those at the start of 2010, which should help aid the recovery in the housing market,” said Frank Nothaft, vice president and chief economist at Freddie Mac.
Advertisement
Related Stories
Single-Family Homes
What Does It Cost to Build a Single-Family Home?
A closer look at the itemized costs in each stage of construction for a single-family home
Builders
A Look at the Boom in Home Builder Stocks During 2023
In 2023, stocks for the 10 biggest U.S. home builders outperformed the S&P 500. What does that say about the housing market?
Financials
Housing Demand Could Rebound in 2024 as Mortgage Rates Ease
The Mortgage Bankers Association predicts lower mortgage rates could bring homebuyers back into the market in 2024