Mortgage rates moved lower for the sixth consecutive week amid ongoing market volatility, according to Freddie Mac's recently released Primary Mortgage Market Survey® (PMMS®) results, showing the average 30-year fixed is hovering just above its 2015 low of 3.59 percent.
“This week's drop leaves the mortgage rate just 6 basis points above last year's low of 3.59 percent,” says Sean Becketti, chief economist, Freddie Mac. "In a falling rate environment, mortgage rates often adjust more slowly than capital market rates, and the early-2016 flight-to-quality has run true to form. The 30-year mortgage rate has dropped 36 basis points since the start of the year, while the yield on the 10-year Treasury has dropped 59 basis points over the same period. If Treasury yields were to hold at current levels, mortgage rates might well sink a little further before stabilizing."
The 30-year fixed-rate mortgage (FRM) averaged 3.65 percent with an average 0.5 point for the week ending February 11, 2016, down from last week when it averaged 3.72 percent. A year ago at this time, the 30-year FRM averaged 3.69 percent.
Additionally, the 15-year FRM this week averaged 2.95 percent with an average 0.5 point, down from 3.01 percent last week. A year ago at this time, the 15-year FRM averaged 2.99 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week with an average 0.4 point, down from last week when it averaged 2.85 percent. A year ago, the 5-year ARM averaged 2.97 percent.
For more information, visit www.freddiemac.com.