Mortgage rates moved lower for the second consecutive week on the market's reaction to
But interest rates are still well above their levels of one year ago.
The 30-year fixed-rate mortgage averaged 4.12% for the week ending Jan. 12,
"After absorbing a mixed December jobs report, the 10-year Treasury yield fell 8 basis points. The 30-year mortgage rate moved in tandem with Treasury yields, the second decline since the presidential election," said Sean Becketti, chief economist at Freddie Mac.
The 15-year fixed-rate mortgage averaged 3.37%, down from last week when it averaged 3.44%. A year ago at this time, the 15-year averaged 3.19%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.23%, down from last week when it averaged 3.33%, while a year ago it averaged 3.01%.
"The December jobs report showed 156,000 jobs added, barely meeting many experts' expectations, while wage growth was at the high end of expectations at 0.4%. If strong wage gains persist, they may push inflation and interest rates higher," Becketti added.
