Another Week, Another Rate Drop

February 11, 2020
Rate Drop
Rates continued to fall last week but did start to rise in the face of positive economic news.


For the week ending February 6, Freddie Mac announced that 30-year fixed rates moved down to 3.45% from 3.51% the week before. The average for 15-year loans decreased to 2.97% and the average for five-year ARMs moved up to 3.32%. A year ago, 30-year fixed rates averaged 4.41%, almost 1.00% higher than today. "As rates fell for the third consecutive week, markets staged a rebound with increases in manufacturing and service sector activity. The combination of very low interest rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months," said Sam Khater, Chief Economist, Freddie Mac.

 Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rate Mortgages
Updated February 7, 2020

 

Daily Value

Monthly Value

 

February 6

January

6-month Treasury Security

1.58%

1.56%

1-year Treasury Security

1.51%

1.53%

3-year Treasury Security

1.43%

1.52%

5-year Treasury Security

1.45%

1.56%

10-year Treasury Security

1.65%

1.76%

12-month LIBOR

 

1.807% (Jan)

12-month MTA

 

1.966% (Jan)

11th District Cost of Funds

 

1.036% (Dec)

Prime Rate

 

4.75% (Oct)