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Mortgage Rates Drop Again
Dated: February 6 2016
Mortgage Rates Drop Again...
Mortgage rates lower for the fifth week in a row, confounding the experts, and are now at their lowest level since late April 2015. Meanwhile, a couple of reports are noting two years as an important touchstone for potential homebuyers.
Freddie Mac’s just-released weekly survey of lenders shows the following average rates for the most popular home loan terms:
30-year fixed-rate mortgages averaged 3.72% with an average 0.6 point for the week ending Feb. 4, 2016. A year ago, the rate averaged 3.59%.
15-year fixed rates averaged 3.01% with an average 0.5 point. The same term priced at 2.92% a year ago.
5-year adjustable-rate mortgages priced at 2.85% with an average 0.4 point. Last year at this time, the same ARM averaged 2.82%.
“Market volatility — and the associated flight to quality — continued unabated this week,” Sean Becketti, chief economist for Freddie Mac, said in a release. “Both the Treasury yield and the mortgage rate now are in the neighborhood of early-2015 lows. These declines are not what the market anticipated when the Fed raised the Federal funds rate in December. For now, though, sub-4% mortgage rates are providing a longer-than-expected Opportunity for mortgage borrowers to refinance.”
Mortgage applications sagged 2.6% for the week ending Jan. 29 from the week prior, according to the Mortgage Bankers Association weekly report. The results reflected an adjustment for the Martin Luther King holiday.
Purchase applications were down 7%, as refinancing applications rose incrementally, 0.3%. Overall, home purchase loan applications remain 17% higher than the same week one year ago.
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