Mortgage Rates Start 2016 Below 4%; Top 5 States Where Americans Are Moving
The new year brings some good news to borrowers as mortgage rates dipped just below 4% in the latest survey of lenders. Freddie Mac’s just-released report shows the following average rates for the most popular home loan terms:
- 30-year fixed-rate mortgages averaged 3.97% with an average 0.6 point for the week ending Jan. 7, 2016. A year ago, the rate averaged 3.73%.
- 15-year fixed rates averaged 3.26% with an average 0.5 point. The same term priced at 3.05% a year ago.
- 5-year adjustable-rate mortgages priced at 3.09% with an average 0.5 point. Last year at this time, the same ARM averaged 2.98%.
“Concerns about overseas economic developments have dominated financial markets to start the year,” Sean Becketti, chief economist for Freddie Mac, said in a release. “U.S. Treasury bond yields fell amidst a global equity selloff and flight to safety. In response, the 30-year mortgage rate dipped 4 basis points to 3.97%.”
The holiday break saw mortgage applications fall by 27% from two weeks earlier, according to the Mortgage Bankers Association. Purchase applications dropped 15%, as refi applications slid 37%.
The most popular state to move to is…
Residents are moving out of Paradise and heading to the Beaver State. In the latest migration patterns study conducted by Atlas Van Lines, the top five states with the most outbound moves in 2015 were: Hawaii, New York, Illinois, South Dakota and Wyoming.
And topping the list for the first time since 1995, Oregon registered the most inbound moves last year, followed by Idaho, North Carolina, Alaska and North Dakota.
Overall, more Americans relocated last year than in 2014, according to the study, which is based on moves handled by Atlas.
This article originally appeared on NerdWallet.