Freddie Mac released the results of its Primary Mortgage Market Survey, showing mortgage rates mixed with the 30-year fixed rate falling back below 4 percent to start the year.
“Concerns about overseas economic developments have dominated financial markets to start the year,” Freddie Mac Chief Economist Sean Becketti said. “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.”
Thirty-year fixed-rate mortgage (FRM) rates averaged 3.97 percent for the week ending Jan. 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.
Fifteen-year FRM rates this week averaged 3.26 percent, up from 3.24 percent last week. A year ago at this time, the 15-year FRM averaged 3.05 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) rates averaged 3.09 percent this week, up from last week when it averaged 3.08 percent. A year ago, the five-year ARM averaged 2.98 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. The average points for 30-year rates was 0.6, and it was 0.5 for 15-year rates and five-year hybrid ARM rates.