The bond rally of 2014 continues to carry over into mortgage rates, which fell for a fifth straight week. The average 30-year fixed-rate mortgage rate dropped to 4.23% this week from 4.32% a week ago and 4.53% in the first week of January, according to Freddie Mac’s (FMCC) latest weekly Primary Mortgage Market Survey. A year ago that rate stood at 3.53%. The average 15-year fixed-rate mortgage rate also fell to 3.33% from 3.40% a week earlier, up from 2.77% a year ago.
A similar 30-year mortgage rate measured by the Mortgage Bankers Association’s latest weekly survey fell to 4.47% from 4.52%, a week earlier. That survey also showed mortgage applications increased by 0.4% in the week.