WASHINGTON (1/22/16)--Mortgage rates fell for the third straight week this week, slipping to their lowest levels since November, according to Freddie Mac’s weekly mortgage survey.
The 30-year fixed-rate mortgage rate averaged 3.81% for the week ending Jan. 21, down from 3.92% the prior week. On a year-over-year basis, the rate has increased from 3.63%.
The 15-year fixed-rate mortgage rate averaged 3.1% for the week, down from 3.19% the previous week. Annually, the rate is up from 2.93%.
“The mortgage rate survey had difficulty keeping up with market events this week,” said Sean Becketti, Freddie Mac chief economist. “The 30-year mortgage rate dropped (to) the lowest rate in three months. This drop reflected weak inflation--0.7% CPI inflation for all of 2015--and nonstop financial market turbulence that is driving investors to the safe haven of Treasuries.”
The five-year Treasury indexed hybrid adjustable-rate mortgage rate averaged 2.91% for the week, down from 3.01% the previous week, but ahead of last year at this time when it averaged 2.83%.
Becketti said, however, that the survey was completed prior to Wednesday’s upturn in the Treasury market, which drove yields on 10-year Treasury bonds below 2%.