The average U.S. interest rate for a 30-year, fixed rate mortgage declined from 4.32 percent to 4.20 percent for the week ending January 5, 2017, according to Freddie Mac's Primary Mortgage Market Survey.
It was the first interest rate decline in 10 weeks. The 30-year loan on average had 0.5 points. The same term mortgage averaged 3.97 percent during the same week last year.
"The 30-year mortgage rate fell this week for the first time since the presidential election, dropping 12 basis points to 4.20 percent, "Sean Becketti, chief economist for Freddie Mac, said. "This marks the first time since 2014 that mortgage rates opened the year above 4 percent. Despite this week's breather, the 66-basis point increase in the mortgage rate since November 3 is taking its toll. The MBA's refinance index plunged 22 percent this week."
The 15-year, fixed rate mortgage, with an average 0.5 point, declined from 3.55 percent to 3.44 percent. Last year the 15-year note average 3.26 percent.