Interest Rates

Freddie Mac reports that mortgage interest was back down after a series of upward spikes. Rates for 30-year, fixed loans averaged 4.77 percent for the week ended Jan. 6, down from 4.86 percent a week earlier. The rate also is lower than a year ago, which Freddie Mac chief economist Frank Nothaft says should help foster housing market recovery. Interest on 15-year, fixed loans and five-year, adjustable-rate mortgages also dropped compared to the previous week, according to the mortgage financier.