{"id":43721,"date":"2016-01-28T09:26:03","date_gmt":"2016-01-28T17:26:03","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=43721"},"modified":"2020-10-06T17:08:22","modified_gmt":"2020-10-07T00:08:22","slug":"mortgage-rates-homebuyers-rejoice-theyre-down-again","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-homebuyers-rejoice-theyre-down-again\/","title":{"rendered":"Mortgage Rates: Homebuyers Rejoice, They\u2019re Down Again"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Mortgage rates fell for the fourth-straight week, hitting 3.79 percent for a 30-year, fixed-rate loan. A week ago, rates averaged 3.81 percent, according to <a href=\"http:\/\/www.freddiemac.com\/pmms\/\" target=\"_blank\" rel=\"noopener noreferrer\">Freddie Mac<\/a>. We haven\u2019t seen 4 percent or higher since, well, 2015. <\/span><br \/>\n<span style=\"font-weight: 400\">Our run of low rates has been incredible, especially when you look at the big picture.<\/span><\/p>\n<figure id=\"media-43729\" class=\"align-none\"><\/figure>\n<figure id=\"media-43778\" class=\"align-none\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/01\/rates-2016jan28.png\" alt=\"Source: Freddie Mac\" \/><figcaption>Source: Freddie Mac<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Let\u2019s zoom in on that chart. Everyone was worried last year when the Fed was preparing to raise interest rates on <\/span><a href=\"https:\/\/www.newyorkfed.org\/aboutthefed\/fedpoint\/fed15.html\"><span style=\"font-weight: 400\">overnight loans<\/span><\/a><span style=\"font-weight: 400\"> made to banks. The central bank doesn\u2019t set mortgage rates, but its actions typically have a ripple effect.<\/span><br \/>\n<span style=\"font-weight: 400\">Chair Janet Yellen and her team finally <\/span><a href=\"https:\/\/redfin.com\/blog\/2015\/12\/the-fed-rate-hike-wont-hurt-housing-heres-why.html\"><span style=\"font-weight: 400\">pulled the trigger<\/span><\/a><span style=\"font-weight: 400\"> Dec. 16, raising short-term rates for the first time since 2006. Some people (<\/span><a href=\"http:\/\/www.forbes.com\/sites\/redfin\/2015\/09\/10\/mortgage-rate-watch-dont-fear-the-fed\/#5fef90e0cdca\"><span style=\"font-weight: 400\">not us<\/span><\/a><span style=\"font-weight: 400\">) said the move might hurt homebuyers and the housing market. They were wrong. Take a look.<\/span><\/p>\n<figure id=\"media-43782\" class=\"align-none\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/01\/rates-2016Jan28-zoom1.png\" alt=\"mortgage rates\" \/><figcaption>Source: Freddie Mac<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Yesterday, Yellen &amp; Co. met again. They <\/span><a href=\"http:\/\/www.federalreserve.gov\/newsevents\/press\/monetary\/20160127a.htm\"><span style=\"font-weight: 400\">voted unanimously<\/span><\/a><span style=\"font-weight: 400\"> not to raise rates and expressed worry about low oil prices, China\u2019s slowdown and uneasy global financial markets. In the big economic picture, housing has been a bright spot.<\/span><br \/>\n<span style=\"font-weight: 400\">Mortgages eventually will get more expensive, which might tap the brakes on home prices in a good way. We expect <\/span><a href=\"https:\/\/redfin.com\/blog\/2015\/12\/five-2016-housing-market-predictions-redfin.html\"><span style=\"font-weight: 400\">home prices to rise<\/span><\/a><span style=\"font-weight: 400\"> between 3.5 percent and 4.5 percent, down from almost 6 percent in 2015.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We haven&#8217;t seen 4% mortgage rates since, well, 2015. For homebuyers and sellers, our run of cheap borrowing has been incredible.<\/p>\n","protected":false},"author":13355,"featured_media":42999,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74,19],"coauthors":[],"class_list":["post-43721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips","tag-politics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mortgage Rates: Homebuyers Rejoice, They\u2019re Down Again - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"We haven&#039;t seen 4% mortgage rates since, well, 2015. 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