The 30-year mortgage interest rate didn’t linger above 4% for long and dropped back down for the start of 2016, the latest Freddie Mac Primary Mortgage Market Survey said.
The 30-year fixed-rate mortgage dipped to 3.97%, down from 4.01% last week. One year ago at this time, the 30-year FRM averaged 3.73%.
For this week, Sean Becketti, chief economist with Freddie Mac, said, “Concerns about overseas economic developments have dominated financial markets to start the year. U.S. Treasury bond yields fell amidst a global equity selloff and flight to safety. In response, the 30-year mortgage rate dipped 4 basis points to 3.97%.”
Meanwhile, the 15-year FRM this week slightly increased to 3.26% with an average 0.5 point, up from 3.24 percent last week. A year ago, the 15-year FRM averaged 3.05%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage barely moved higher to 3.09% this week, up from last week when it averaged 3.08%. A year ago, the 5-year ARM came in at 2.98%.
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(Source: Freddie Mac)