Freddie Mac's results of its Primary Mortgage Market Survey® shows that "

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. Even as house prices increase at the fastest rate we've seen in years, competition to buy is strong given the low inventory that exists across the country. The fact that there are not enough homes to meet demand is going to be an ongoing issue for the foreseeable future."

• 30-year fixed-rate mortgage (FRM) averaged 2.73 percent with an average 0.7 points for the week ending January 28, 2021, down from last month when it averaged 2.66 percent. A year ago, at this time, the 30-year FRM averaged 3.51 percent.

• 15-year FRM this week averaged 2.20 percent with an average 0.6 points, down from last month when it averaged 2.19 percent. A year ago, at this time, the 15-year FRM averaged 3.00 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.8 percent this week with an average 0.3 points, up from last month when it averaged 2.79 percent. A year ago, at this time, the 5-year ARM averaged 3.24 percent.