Mortgage Rates for January 2016

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For week of January 21, 2016
MORTGAGE RATES DIP TO 3-MONTH LOW
Mortgage rates have declined every week so far in 2016 and are currently at their lowest levels since the fall, a fact that could help motivate hesitant homebuyers who have been sitting on the fence.
  • That’s according to the most recent numbers from Freddie Mac, which said that 30-year, fixed-rate mortgages fell to 3.81 percent for the week ended Jan. 21, down from 3.92 percent from a week earlier and up from 3.63 percent a year ago. Fifteen-year mortgage rates displayed a similar pattern, dropping from 3.19 percent to 3.10 percent on a weekly basis but up from 2.93 percent year over year.In a statement accompanying the report, Freddie Mac Chief Economist Sean Becketti attributed the declines to weak inflation in 2015 and global economic turmoil, which is driving investors to treasuries.

Mortgage Rates Stay Below 4%

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Devereux Point, Isla Vista in Santa Barbara by Chris Potter

For 10 Weeks, Mortgage Rates Stay Below 4%

Thirty-year fixed-rate mortgages continue to hold below 4 percent, often an attractive lure for home buyers and refinancers.

“In contrast to the volatility in equity markets, the 10-year Treasury rate — a key driver of mortgage rates — varied just a little more than 10 basis points over the last week,” says Sean Becketti, Freddie Mac’s chief economist. “As a result, the 30-year mortgage rate remained virtually unchanged, dropping 1 basis point to 3.85 percent. This marks the tenth consecutive week of a sub-4-percent mortgage rate.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 1:

  • 30-year fixed-rate mortgages: averaged 3.85 percent, with an average 0.6 point, dropping from last week’s 3.86 percent average. Last year at this time, 30-year rates averaged 4.19 percent.
  • 15-year fixed-rate mortgages: averaged 3.07 percent, with an average 0.7 point, dropping from last week’s 3.08 percent average. A year ago, 15-year rates averaged 3.36 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.91 percent, with an average 0.4 point, holding the same average as last week. A year ago, 5-year ARMs averaged 3.06 percent.
  • 1-year ARMs: averaged 2.53 percent, with an average 0.2 point, holding the same average as the previous week. A year ago, 1-year ARMs averaged 2.42 percent.

Daily Real Estate News October 2015