Rates are holding steady! According to the most recent report by Freddie Mac, rates are finally stabilizing after nearly a month and a half of declines. Experts attribute the continued low rates to ongoing global financial volatility.
The government mortgage giant is currently tracking the average 30-year fixed rate mortgage (the most popular option for homebuyers) at 3.65%. This number is derived from a survey of lenders across the nation.
The current 15-year fixed rate mortgage is currently 2.95%, and the 5/1 Adjustable Rate Mortgage (ARM) is 2.85%.
The next mortgage rate update will be released by Freddie Mac on February 25, 2016.