Freddie Mac has released its weekly mortgage rate report for the week ended January 6. In addition to statistics on 30-year and 15-year fixed rate loans and the one-year adjustable rate mortgage, Freddie is now reporting on rates and points for the 5/1 adjustable.
In its annual Adjustable Rate Mortgage Survey issued last week, Freddie noted that the 5/1 ARM, where the initial rate is fixed for the first five years of the term and then adjusts yearly thereafter, is the most popular of the so-called hybrids. Other hybrids are the 3/1, 7/1, and 10/1 ARMS. This popularity may be what has led the secondary market lender to include the 5/1 in its report.
The new entry carried an average rate of 5.03 percent and fees and points of 0.7.
Interest rates for the three old standbys fell slightly last week after two weeks of small increases. 30-year interest rates were 5.77 percent, down from 5.81 while points and fees went up 0.1 to 0.7. 15-year rates were down to 5.21 from 5.23 with points and fees remaining steady at 0.6. One-year ARMS showed the greatest movement, down .09 to 4.10 with fees dropping to 0.5 from 0.6.