Mortgage Giant, Freddie Mac released this weeks Prime Mortgage Market Survey (PMMS) showing the average mortgage rates on a fixed rate mortgage sinking lower for the fourth straight week.

The surveys reveals the following:

• 30-year fixed-rate mortgage (FRM) averaged 3.79 percent with an average 0.6 point for the week ending January 28, 2016, showing a slight drop from last week when it averaged 3.81 percent.
• 15-year FRM this week averaged 3.07 percent with an average 0.5 point, showing a decline from last week when it averaged 3.10 percent.
• 5/1-year ARM averaged 2.90 percent this week with an average 0.5 point and a 2.74 margin, down from last week when it averaged 2.91 percent.

Lower-for-longer mortgage rates will provide a tailwind for the housing market, said Freddie Mac's chief economist, Sean Becketti.

This weeks housing releases confirmed the momentum of home sales going in 2016. A hesitant Fed, sub-4-percent mortgage rates, and strong housing fundamentals should generate a three percent increase in home sales this year. he said

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.