While the average rate for shorter-term mortgages rose modestly during the week ending January 19, the long-term mortgage rate average slid down to a new all-time low, Freddie Mac reports.
According to the Primary Mortgage Market Survey, the average 15-year fixed-rate mortgage rate was 3.17 percent - up 1 basis point from the week before.
The average for a 30-year FRM, however, went in the opposite direction, falling from 3.89 to 3.88 percent during the week, which is a new record low, the government-sponsored enterprise states.
"Mortgage rates were nearly unchanged this holiday week in lieu of a mixed bag of economic data reports," Freddie Mac chief economist and vice president Frank Nothaft stated. He said increases in builder and consumer confidence helped shape rates for the week.
Consumer sentiment appears to be trending higher by the week. Mortgage records from the Mortgage Bankers Association reported home loan requests hiked 23 percent during the week ending January 13.