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* |
|
2/11/16 |
3.65%↓ |
2.95%↓ |
2.83%↓ |
|
2/4/16 |
3.72% |
3.01% |
2.85% |
|
1/28/16 |
3.79% |
3.07% |
2.90% |
|
1/21/16 |
3.81% |
3.10% |
2.91% |
|
1/14/16 |
3.92% |
3.19% |
3.01% |
|
1/7/16 |
3.97% |
3.26% |
3.09% |
*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
If you missed the boat refinancing last fall you might want to take another look at rates. According to Freddie Mac’s weekly mortgage rate survey, rates fell yet again.
The 30 year fixed rate dropped from 3.72% to 3.65%. The companion 15 year fixed rate dipped below 3.00% for the first time since last October. The 15 year average rate is 2.96%, falling from 3.01%. The 5/1-Yr ARM hybrid drifted lower by three basis points from 2.85% to 2.83%.
Rates are now near where they were one year ago. The 30 year at this time in 2015 was 3.69% and the 15 year at 2.99%.
Click here to check current mortgage rates for FHA, VA, USDA and Conventional loans.
Will Mortgage Rates Rise or Fall This Week?
- Mortgage rates are still taking cues from Wall Street as the Dow and S&P 500 continues to slide. Investors are pulling funds from equities and mortgage bonds are benefitting, driving rates lower.
- Fed Chair Janet Yellen wrapped up the latest Senate testimony last week and chatter of negative interest rates is being heard.
- Inflation reports on both the wholesale and retail level will be released this week. Prior month’s PPI and CPI numbers came out on the negative side. The Fed is targeting a 2.00% annualized rate of inflation but we’re nowhere near that now.
Your Mortgage Rate Strategy
Investors have watched stocks fall for the past few months now and the memory of an 18000 Dow is way, way back in the rear view mirror. Concerns with another global slowdown have investors on the nervous side and more funds are being transferred into mortgage bonds and Treasuries, fueling the recent mortgage rate rally.
Just last summer there were many who predicted a rate increase by the Fed in the fall and when that didn’t happen December was the new target.
While the Fed did raise the Fed Funds rate at that time there is no clear consensus as to when the next move will take place. There is discussion among the Fed about a potential negative interest rate. This has never been implemented here in the United States but is being tested in a few spots around the globe.
A negative interest rate would be a fee charged to banks for keeping their cash in reserves at various central banks. Theoretically, this would encourage banks to lend that cash instead of paying to keep it.
