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Mortgage rate declines remain constant in 2015

Posted on Thursday, January 15, 2015 at 10:25:41 AM

There have only been a few weeks in 2015 so far, but each one has been marked by a decline in residential financing rates.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 3.66 percent for the week ending Jan. 15, down from the prior seven-day period. The same can be said about the 15-year FRM, now at 2.98 percent compared to 3.05 percent. This is the third week in a row where the average fixed-rate mortgages declined.

"Mortgage rates fell for the third consecutive week as oil prices plummeted and long term treasury yields continued to drop despite a strong employment report," explained Frank Nothaft, vice president and chief economist at Freddie Mac. "The economy exceeded expectations by adding 252,000 jobs in December which followed an upward revision of 50,000 jobs to the prior two months."

In addition, the Mortgage Bankers Association reported that interest in residential financing increased in the beginning of January. For the week ending Jan. 9, mortgage applications ticked up 49.1 percent on a weekly basis. The refinance share of mortgage activity climbed to 71 percent of total applications.