Mortgage interest rates change daily. Keep up with current rates to make the best decision on your home mortgage.
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CURRENT MORTGAGE INTEREST RATES |
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MortgageRatesReported |
30-Year Fixed* |
15-year Fixed* |
5/1 ARM* |
|
1/14/16 |
3.81%↓ |
3.10%↓ |
2.91%↓ |
|
1/7/16 |
3.92% |
3.19% |
3.01% |
|
12/31/15 |
3.97% |
3.26% |
3.09% |
|
12/24/15 |
4.01% |
3.24% |
3.08% |
|
12/17/15 |
3.96% |
3.22% |
3.06% |
|
12/10/15 |
3.97% |
3.22% |
3.03% |
*Average rates from a lender survey of 100+ lenders as reported by Freddie Mac PMMS. Fees and points vary. These are average rates only and intended to give a snapshot of overall market movements, not specifically available rates. For a personalized rate quote click here.
What Happened Last Week
Misfortunes on Wall Street are benefiting mortgage rates as investors seek a safe haven from an uncertain market. In one of the biggest weekly drops in more than a year, Freddie Mac reported the 30 year fixed rate dropped a healthy 11 basis points to 3.81% from 3.92%.
The 15 year fixed rate, according to Freddie’s survey, fell by nine basis points from 3.19% to 3.10% while the 5/1-Yr ARM took notice and dropped by 10 from 3.01% to 2.91%. One year ago the 30 year fixed rate was at 3.63% and the 15 at 2.93%.
Click here to check current mortgage rates for FHA, VA, USDA and Conventional loans.
Will Mortgage Rates Rise or Fall This Week?
- As goes Wall Street, so go interest rates. Mortgage rates have been on a considerable rally over the past few weeks as stock markets here and abroad have been searching for some sense of a bottom. Until that happens, we can expect rates to drift a little lower this week.
- The FOMC will hold their first two day meetings of the year this week yet few have any doubt the Fed will again sit on the sidelines and leave rates alone.
- We’ll get our first look at Q4 GDP this week which could very well confirm investor notions there is in fact a slowdown. Or not. Remember Q3 GDP came in a stronger than expected 2.0% growth.
Your Mortgage Rate Strategy
As oil prices continue to slide and more oil on the horizon as more oil hits the market and as oil falls, so too does Wall Street. There really doesn’t seem to be any bottom for any of the indexes although stocks did close out their first positive week of the year yet that needs to be taken with a grain of relative salt as the Dow and S&P both have taken some rather harsh hits over the past few weeks.
This has had the effect of driving down mortgage rates as investors sell stocks and park their funds in cash, Treasuries or mortgage bonds. There has been such a rally in interest rates, investors are now using the FNMA 3.0 coupon to set pricing.
Housing for December did look surprisingly strong yet the mild weather helped buyers get out and look at homes. On the other side of that coin is how January existing home sales will look. Weather makes for good stats, but investors pay less attention to economic data directly impacted by weather events.
