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Tame Inflation Figures Leave Mortgage Rates Mixed

January 20, 2011

The latest Freddie Mac Mortgage Survey showed mixed results for both long- and short-term rates, with the 30-year rising slightly and the 15-year falling just as slightly.

Over the past week, rates for a 30-year fixed-rate mortgage (FRM) averaged 4.74 percent with an average 0.8 point, up from last week when it averaged 4.71 percent. Last year at this time, the 30-year FRM averaged 4.99 percent.

Meanwhile, the 15-year FRM this week averaged 4.05 percent with an average 0.8 point, down from last week when it averaged 4.08 percent. A year ago at this time, the 15-year FRM averaged 4.40 percent.

“Mortgage rates were little changed during the holiday week amid reports that inflation remains tame,” said Frank Nothaft, vice president and chief economist, Freddie Mac. “Both the December core producer price index and consumer price index matched the market consensus. Compared to December 2009, core consumer prices rose at a 0.8 percent rate, the smallest yearly increase since records began in 1958.”

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.69 percent this week, with an average 0.7 point, down from last week when it averaged 3.72 percent. A year ago, the 5-year ARM averaged 4.27 percent. The 1-year Treasury-indexed ARM averaged 3.25 percent this week with an average 0.6 point, up from last week when it averaged 3.23 percent. At this time last year, the 1-year ARM averaged 4.32 percent.

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