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* |
|
2/25/16 |
3.62%↓ |
2.93%↓ |
2.79%↓ |
|
2/18/16 |
3.65% |
2.95% |
2.85% |
|
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% |
*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
Mortgage rates drifted lower yet again according to Freddie Mac’s most recent weekly mortgage rate survey.
The average 30 year fixed rate fell by three basis points from 3.65% to 3.62%. The 15 year fixed rate fell by two basis points to 2.93%.
The 5-Year Adjustable Rate Mortgage (ARM) landed at just 2.79%.
You have to go way back to May 2013 to find a lower weekly average rate.
Click here to check current mortgage rates for FHA, VA, USDA and Conventional loans.
Will Mortgage Rates Rise or Fall This Week?
- The second revision of Q2 GDP was released last week with a slightly higher number, coming in at a scant 1.0%. Unless GDP gets closer to an annualized rate of 3.0%, we may see rates stay low a lot longer.
- The Unemployment Report and Payroll numbers will be released this week and analysts are predicting 180,000 new jobs to be created in the month of February with the Unemployment Rate holding steady at 4.9%. Expect rates to climb somewhat if a higher-than-expected jobs number is reported.
Your Mortgage Rate Strategy
The economy doesn’t appear to be providing very much negative data. Indicators of economic strength are missing too, though.
If the economy were to take off tomorrow, mortgage rates would rise. So far there has been no sign the economy will get on a sure footing any time soon.
No one is predicting the labor market to lose jobs for February but a gain of 180,000 isn’t enough to really get the economy moving. Stocks have faltered and the Dow struggles to stay above 16,000.
Investors are still flocking to safe investments. Mortgage bonds – and therefore mortgage rates — are the beneficiaries. Rates will likely remain in a tight range for the next few weeks unless the U.S. and other major world economies show steady signs of growth.
For now, refinancing homeowners and new home shoppers should enjoy a period low rates.
