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* |
|
1/7/16 |
3.97%↓ |
3.26%↑ |
3.09%↑ |
|
12/31/15 |
4.01% |
3.24% |
3.08% |
|
12/24/15 |
3.96% |
3.22% |
3.06% |
|
12/17/15 |
3.97% |
3.22% |
3.03% |
|
12/10/15 |
3.95% |
3.19% |
3.03% |
|
12/3/15 |
3.93% |
3.16% |
2.99% |
*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.
This Week’s Mortgage Rate Forecast
Mortgage rates dipped below 4.00% yet again last week, this according to Freddie Mac’s most recent mortgage rate survey.
According to the report, the 30 year fixed rate fell from 4.01% to 3.97%, matching the rate hit December 17, 2015. The 15 year fixed rate meanwhile actually rose two basis points from 3.24% to 3.26% while the 5/1-Yr ARM hybrid rose one basis point to 3.09% from 3.08%.
One year ago the 30 year fixed rate was at 3.73% and the 15 at 3.05%.
Click here to check current mortgage rates for FHA, VA, USDA and Conventional loans.
Will Mortgage Rates Rise or Fall?
- Stocks endured one of the worst first weeks of a year ever closing last Friday near 16,000. That’s a 6% loss in the first week of trading in the New Year.
- Losses on Wall Street helped keep mortgage rates in check, after rates had drifted lower during the week.
- The stronger-than-expected jobs report surprised most experts with 292,000 new jobs created. The unemployment rate held steady at 5.00%.
Your Mortgage Rate Strategy
China helped soften stocks last week with extremely volatile trading and heavy losses which circled the globe. Yet even after China halted trading multiple times and continued to devalue the yuan, stocks still slid.
Historically such a dip in equities would provide lower interest rates. Strong December payroll numbers lent a parachute, so to speak, to falling interest rates. While the stock market sunk, there were still indicators of a strengthening economy.
Some analysts are now betting on another Fed Funds rate increase at the June FOMC meetings rather than in March as initially anticipated. This alone should keep rates in a tight range, especially if stocks can’t seem to gain any steady footing.
Much is made about how stocks perform at the beginning of a new year and while some call any forecasting nothing more than a coincidence, it could convince traders to keep away from equities and hold firm in bonds. If this is the case, we could still see sub-4.00% 30 year rates into summer.
