Mortgage rate drops first week of January

January 07, 2010 01:00PM

The 30-year fixed mortgage rate dropped to an average of 5.09 percent for the week ending Jan. 7, according to Freddie Mac’s weekly mortgage rate survey, down from the previous week’s rate of 5.14 percent. This figure is relatively in line with the rate seen during the week a year prior, 5.01 percent. The slight decline comes after gradually climbing through the month of December, and a drop in the mortgage volume application rate during the week of Christmas, according to Mortgage Bankers Association data.

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