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U.S. markets recover from steep losses
WASHINGTON, Jan. 5 (UPI) -- Average fixed mortgage interest rates held close to historic lows in the week ending Thursday, the Federal Home Loan Mortgage Corp. said.
The 30-year fixed rate matched a record low of 3.91 percent with 0.8 points, Freddie Mac said.
The 15-year fixed rate dropped from 3.24 percent to 3.23 percent with 0.8 points. The record low, set in December, is 3.21 percent.
Five-year adjustable rate mortgages averaged 2.86 percent for the week with an average 0.7 point.
"Fixed mortgage rates started the year a little lower this week just as recent data reports indicate the housing market and manufacturing industry are showing signs of improvement," said Frank Nothaft, Freddie Mac vice president and chief economist.
"Pending existing home sales in November jumped 7.3 percent, nearly five times greater than the market consensus forecast, to its strongest pace since April 2010. In addition, construction spending rose 1.2 percent in November," he said.
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