MCLEAN, Va.–Mortgage rates moved lower for the sixth consecutive week according to the latest results of Freddie mac’s Primary Mortgage Market Survey.
Freddie Mac reported the average 30-year fixed is hovering just above its 2015 low of 3.59%.
In the latest survey, the 30-year, fixed-rate mortgage averaged 3.65% with an average 0.5 point for the week ending February 11, 2016, down from last week when it averaged 3.72%. A year ago at this time, the 30-year FRM averaged 3.69%, Freddie Mac said.
The 15-year FRM this week averaged 2.95% with an average 0.5 point, down from 3.01% last week. A year ago at this time, the 15-year FRM averaged 2.99%, Freddie Mac said.
The five-year Treasury-indexed hybrid ARM averaged 2.83% this week with an average 0.4 point, down from last week when it averaged 2.85%. A year ago, the five-year ARM averaged 2.97%.
"In a falling rate environment, mortgage rates often adjust more slowly than capital market rates, and the early-2016 flight to quality has run true to form,” said Sean Becketti, chief economist with Freddie Mac. “The 30-year mortgage rate has dropped 36 basis points since the start of the year, while the yield on the 10-year Treasury has dropped 59 basis points over the same period. If Treasury yields were to hold at current levels, mortgage rates might well sink a little further before stabilizing."