Mortgage rates mixed with the 30-year fixed rate fell back below four percent to start the year, according to Freddie Mac’s most recent Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage (FRM) averaged 3.97 percent with on average 0.6 point for the week ending January 7, 2016 down from last week when it averaged 4.01 percent. A year ago at this time, the 30-year FRM averaged 3.73 percent.
“Concerns about overseas economic developments have dominated financial markets to start the year,” says Sean Becketti, chief economist. Freddie Mac. “U.S. Treasury bond yields fell amidst a global equity selloff and fight to safety. In response, the 30-year mortgage rate dipped 4 best points to 3.97 percent.”
Additionally, the 15-year FRM this week averaged 3.26 percent with an average 0.5 point, up from 3.24 percent last week. A year ago at this time, the 15-year FRM averaged 3.05 percent.
The 6-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.09 percent this week, with an average 0.5 point, up from last week, when it averaged 3.06 percent. A year ago, the 5-year ARM averaged 2.98 percent.