Freddie Mac: Rates Dipped Below 4.0% Amidst Global Economic Turmoil

Posted by Patrick Barnard on January 07, 2016 No Comments
Categories : Residential Mortgage

Fixed mortgage rates dipped back below 4.0% during the week ended Jan. 7, according to Freddie Mac's Primary Mortgage Market Survey.

The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.97%, down from 4.01% the previous week. A year ago at this time, the 30-year FRM averaged 3.73%.

The average rate for a 15-year FRM was 3.26%, up from 3.24%. A year ago at this time, the 15-year FRM averaged 3.05%.

The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 3.09%, up from 3.08%. A year ago, the five-year ARM averaged 2.98%.

‘Concerns about overseas economic developments have dominated financial markets to start the year,’ says Sean Becketti, chief economist for Freddie Mac, in a statement. ‘U.S. Treasury bond yields fell amidst a global equity sell-off and flight to safety. In response, the 30-year mortgage rate dipped four basis points to 3.97 percent.’

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