Freddie Mac: Mortgage rates decline in second week of February

Following a rough start to the month, the latest Weekly Primary Mortgage Market Survey released by Freddie Mac showed sizable declines for most mortgage rates during the week ending February 11.

The average interest rate for 30-year fixed-rate mortgages fell back under the 5 percent threshold as it declined by 0.04 percentage points to hit 4.97 percent for the week. The week prior, the rate had increased by 0.03 percentage points.

Similarly, the average rate for 15-year FRMs fell by 0.06 percentage points as well to hit 4.34 percent for the week. The decrease more than made up for the 0.01 percentage point increase that had occurred one week earlier.

Five-year adjustable-rate mortgages saw their average rate decrease the most during the week, shedding 0.08 percentage points as they fell to 4.19 percent. One year earlier, the average rate had stood at 5.23 percent.

One-year ARM faced the only increase of the week, jumping up 0.11 percentage points to 4.33 percent. The week prior, the average rate had decreased by 0.07 percentage points.

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