Having slipped below 4 percent last week, the average rate for a benchmark 30-year mortgage has dropped another 5 basis points to 3.92 percent as concern about a global slowdown grows and the resultant flight-to-quality continues to drive the 10-year Treasury yield down.
And with the markets roiled, the probability of a second rate hike by the Fed in March has dropped from 56 percent at the end of 2015 to 40 percent today, down four points over the past week alone.
The average 30-year mortgage rate is currently 26 basis points above the 3.66 percent rate recorded at the same time last year, according to Freddie Mac’s latest mortgage survey.
Great time to buy buy buy up real estate properties with that kind of lower mtg rate!