The survey revealed that 30-year fixed-rate mortgage (FRM) was 3.95 percent for the week ending Dec. 29, up from last week's 3.91 percent but almost a percent lower than the 4.86 percent from this time last year.
The 15-year FRM averaged 3.24 percent, up from its previous week average of 3.21 percent, but also a siginificant drop compared with last year's level, 4.20 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent, up from last week when it averaged 2.85 percent, and the 1-year Treasury-indexed ARM averaged 2.78 percent this week, up from last week when it averaged 2.77 percent.
Rates have been below 5 percent for all but two weeks this year, offering a great opportunity for those who can afford to buy or need to refinance.
Freddie Mac calculate average mortgage rates with the data they collect from lenders across the country from Monday through Wednesday of each week.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets.
