Mortgage rates edged down for the second consecutive week, a temporary reprieve from what had been weeks of rising rates.

"After absorbing a mixed December jobs report; the 10-year Treasury yield fell 8 basis points,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate moved in tandem with Treasury yields falling 8 basis points to 4.12 percent, the second decline since the presidential election. The December jobs report showed 156,000 jobs added, barely meeting many experts' expectations, while wage growth was at the high end of expectations at 0.4 percent. If strong wage gains persist, they may push inflation and interest rates higher."

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 12:

• 30-year fixed-rate mortgages: averaged 4.12 percent, with an average 0.5 point, dropping from last week’s 4.20 percent average. Last year at this time, 30-year rates averaged 3.92 percent.


• 15-year fixed-rate mortgages: averaged 3.37 percent, with an average 0.5 point, falling from last week’s 3.44 percent average. A year ago, 15-year rates averaged 3.19 percent.


• 5-year hybrid adjustable-rate mortgages: averaged 3.23 percent, with an average 0.5 point, falling from last week’s 3.33 percent average. A year ago, 5-year ARMs averaged 3.01 percent.

Source: Freddie Mac