December's """"discouraging jobs report"""":http://www.themreport.com/articles/december-jobs-report-shows-paltry-growth-plunge-in-labor-force-2014-01-10 caused mortgage rates to pull back once again this week.[IMAGE]
""""Freddie Mac's"""":http://www.freddiemac.com/ weekly Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) falling to an average rate of 4.41 percent (0.7 point) for the week ending January 16, down from 4.51 percent last week. A year ago, the 30-year fixed average sat at 3.38 percent.
The 15-year FRM averaged 3.45 percent (0.7 point) this week, down from 3.56 percent previously.[COLUMN_BREAK]
Adjustable rates were flat to down this week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent (0.5 point), down from 3.15 percent, while the 1-year ARM averaged 2.56 percent (0.5 point), unchanged from last week, the GSE reports.
""""Mortgage rates drifted downward this week amid signs of a weakening economic recovery,"""" explained Freddie Mac chief economist Frank Nothaft.
In addition to December's disappointing jobs report--which showed payroll growth of only 74,000 along with a substantial drop in labor participation--Nothaft cited weak retail sales numbers as another factor in this week's rate movements.
Finance site """"Bankrate.com"""":http://www.bankrate.com/ also reported declines in fixed and adjustable rates for the week. The site's weekly national survey shows the 30-year fixed falling from 4.64 percent to 4.57 percent, while the 15-year fixed was down from 3.69 percent to 3.62 percent.
The 5/1 ARM, meanwhile, fell to 3.40 percent, according to Bankrate's data. The company's report put it at 3.46 percent last week.