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Long-Term Mortgage Rates Start 2016 Under 4 Percent
Mortgage rates spent just a week above 4 percent.
Freddie Mac reported Thursday that a 30-year fixed-rate mortgage averaged 3.97 percent with an average 0.6 point this week. This is a four basis point drop from last week when rates inched above 4 percent for the first time since July.
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According to Sean Becketti, chief economist at Freddie Mac, the rate dip was tied to volatility in international markets.
“Concerns about overseas economic developments have dominated financial markets to start the year. U.S. Treasury bond yields fell amidst a global equity selloff and flight to safety. In response, the 30-year mortgage rate dipped 4 basis points to 3.97 percent.”
Keep an eye out for UrbanTurf’s coming article that looks at where local lenders see interest rates going in 2016.
The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.
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This article originally published at https://dc.urbanturf.com/articles/blog/3.97_2016_rings_in_at_under_4_percent/10728.
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