Mortgage rates fell off last week, following three straight weeks of increases, according to a report issued Thursday by Freddie Mac. This week’s decline in rates was one of just a few since 2013 began, and one of the sharpest slides this year. The average rate for a 30-year, fixed-rate mortgage dropped off 13 basis points, the 15-year fixed average dropped 8 basis points and the rate for a 5 year, adjustable rate mortgage slid 6 basis points. The only major mortgage type that didn’t pull back was the one-year ARM, which held steady from last week’s levels.
According to Freddie Mac’s report, the average rate for the 30 year mortgage fell from last week’s 4.35 percent to 4.22 percent. Of course, that’s well off the rate’s historical lows and despite the decline, the rate has still surged from an average of 3.34 percent at the beginning of the year. The 15 year average fell from last week’s 3.35 percent down to 3.27 percent, but is up nearly three-fourths of a percent since January 1st. Both rates are well below their high for the year, however, as the 30 year topped out in August at 4.58 percent.