As the investors were seeking safety in the bond markets with the Iran conflict looking like it was on the horizon this last week, the rates of mortgages had dropped to the levels which were lowest since the month of October.
The fixed-rate mortgage for the last 30 years had on an average been 3.64% in the week which ended on the 9th of January which was down by 8 basis points from the last week as per reports which came out on Thursday.
The rates on the mortgage of 30 years is close to being lower by one full percentage point to the point where it was one year ago when the rates had been averaging at 4.45%.
The fixed-rate mortgage for 15-years had dropped by as many as nine bp to the average of 3.07% as per the experts. The Treasury-indexed hybrid the adjustable mortgaged has on average been 3.30% as they were falling by an enormous 16 basis points from the point where it was one week ago.
The rates of mortgage had fallen to the level which had been lowest in the last 13 weeks as the investors had been seeking safety and quality of the fixed income markets in United States Treasury as per the chief economist Sam Khater of Freddie Mac in his report. The mortgage rate dropped in combination with the markets of jobs being strong must be able to propel a rise in the demands continuously.
Looking in front at the rate the environment may be volatile in the weeks coming up and the months which are coming up as per Matthew Speakman who is an economist with Zillow