Mortgage Market Survey: 1/21/16

Having slipped below 4 percent two weeks ago, the average rate for the benchmark 30-year mortgage dropped to 3.81 percent over the past week “as concern about a global slowdown grows and the resultant flight-to-quality continues to drive the 10-year Treasury yield down,” as we wrote a week ago as well.

And having dropped from 56 percent at the end of 2015 to 40 percent last week, the probability of a second rate hike by The Fed in March has dropped below 30 percent.

The average 30-year mortgage rate is now within 18 basis points of the 3.63 percent rate recorded at the same time last year, according to Freddie Mac’s latest mortgage survey. And the rate is now 16 basis points below the 3.97 percent rate in place prior to the Fed’s first rate hike last month.

Comments from Plugged-In Readers

  1. Posted by BayviewSF

    Mortgage rate is not a threat to housing market. Economy and labor market is the key.

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