Mortgage rates headed back down this week, continuing to hover near all-time lows. “As the market reacts to a new administration in Washington and COVID-19-driven economic malaise, mortgage rates continued to decrease this week, just slightly,” said Sam Khater, Freddie Mac’s chief economist.

Also, the Federal Reserve announced this week that it will leave both interest rates and its bond-buying program unchanged, both actions likely helping to keep mortgage rates low.

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 28:

30-year fixed-rate mortgages: averaged 2.73%, with an average 0.7 point, falling from last week’s 2.77% average. The lowest on record for 30-year fixed-rate mortgages was 2.65%, recorded earlier this January. A year ago, 30-year rates averaged 3.51%.

15-year fixed-rate mortgages: averaged 2.20%, with an average 0.6 point, dropping from last week’s 2.21% average. A year ago, 15-year rates averaged 3%.

Source: Freddie Mac and “Instant Reaction: Mortgage Rates, January 28, 2021,” National Association of REALTORS® Economists’ Outlook blog (Jan. 28, 2021)