{"id":44729,"date":"2016-02-10T11:36:11","date_gmt":"2016-02-10T19:36:11","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=44729"},"modified":"2020-10-06T17:08:21","modified_gmt":"2020-10-07T00:08:21","slug":"cheap-oil-means-cheap-gas-it-also-means-cheap-mortgages-heres-why","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/cheap-oil-means-cheap-gas-it-also-means-cheap-mortgages-heres-why\/","title":{"rendered":"Cheap Oil Means Cheap Gas. It Also Means Cheap Mortgages. Here&#039;s Why"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Oil prices have been falling since the summer of 2014. For the average consumer, that\u2019s obviously good news. Gas is selling for about <\/span><span style=\"font-weight: 400;\"><a href=\"http:\/\/www.fuelgaugereport.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">$2 a gallon<\/a><\/span><span style=\"font-weight: 400;\">.<\/span><br \/>\n<span style=\"font-weight: 400;\">Less obvious is the effect of cheap oil on your mortgage. Rates on home loans have been falling all year and probably will keep going down in the near term. A 30-year, fixed-rate mortgage averaged <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/02\/mortgage-rates-time-to-refinance.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">3.72 percent<\/span><\/a><span style=\"font-weight: 400;\"> last week. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Cheap oil is a driver of that cheap borrowing.<\/span><\/p>\n<figure id=\"media-44749\" class=\"align-none\"><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/02\/oil-prices-mortgage-rates21.png\" alt=\"oil-prices-mortgage-rates2\" \/><\/figure>\n<figure id=\"media-44734\" class=\"align-none\"><\/figure>\n<figure id=\"media-44746\" class=\"align-none\"><\/figure>\n<p><span style=\"line-height: 1.5;\">Source: Freddie Mac, U.S. Energy Information Administration<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Why?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The global economy has been increasingly unsteady. There\u2019s more than enough oil to go around because production is up and demand is down. Big consumers, like China, are slowing down. Big producers like Russia and Venezuela keep drilling, even with prices below $35 a barrel. There\u2019s pain all around.<\/span><br \/>\n<span style=\"font-weight: 400;\">The ripple effect of slowing global growth has hit hard and caused unsettling swings in the stock market.\u00a0<\/span><span style=\"font-weight: 400;\">Investors are seeking a safe shelter for their money to ride out the storm and they\u2019re finding it in low-risk U.S. Treasuries, which are being snapped up. <\/span><br \/>\n<span style=\"font-weight: 400;\">When Treasuries are in demand, they get cheaper. And when Treasuries get cheaper, U.S. mortgages usually do, too. That\u2019s what\u2019s happening now.<\/span><br \/>\n<span style=\"font-weight: 400;\">&#8220;Cheap oil also adds to low inflation, priming the pump for an economic environment where low interest rates can be maintained,&#8221; Redfin chief economist <a href=\"https:\/\/redfin.com\/blog\/author\/nela-richardsonredfin-com\" target=\"_blank\" rel=\"noopener noreferrer\">Nela Richardson<\/a> said.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Great!\u00a0For Now<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Everyone loves cheap loans and gas, but neither are guaranteed in the long run. Today, Fed Chair <\/span><a href=\"http:\/\/www.federalreserve.gov\/newsevents\/testimony\/yellen20160210a.htm\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Janet Yellen<\/span><\/a><span style=\"font-weight: 400;\"> called the global economic outlook \u201cuncertain.\u201d<\/span><br \/>\n<span style=\"font-weight: 400;\">\u201c<\/span><span style=\"font-weight: 400;\">Foreign economic developments, in particular, pose risks to U.S. economic growth,\u201d Yellen told the House Financial Services Committee.\u00a0<\/span><span style=\"font-weight: 400;\">Cheap oil is bringing pressure to bear on vulnerable exporting countries, which eventually could affect the economy here, she said. \u201cForeign activity and demand for U.S. exports could weaken and financial market conditions could tighten further.\u201d<\/span><br \/>\nTranslation: If the rest of the world keeps hurting, we could start hurting, too.<br \/>\n<span style=\"font-weight: 400;\">For now, though, the <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/02\/the-economy-created-151000-jobs-not-great-but-well-take-it.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">U.S. economy<\/span><\/a><span style=\"font-weight: 400;\"> slowly continues to improve. The housing market is steady\u00a0and mortgage rates will stay low.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Falling oil prices obviously mean cheap gas. Less obvious is the effect of cheap oil on mortgage rates.<\/p>\n","protected":false},"author":13355,"featured_media":44804,"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-44729","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>Cheap Oil Means Cheap Gas. 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Less obvious is the effect of cheap oil on mortgage rates.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/cheap-oil-means-cheap-gas-it-also-means-cheap-mortgages-heres-why\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-10T19:36:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-07T00:08:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/02\/gas-pumps2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"849\" \/>\n\t<meta property=\"og:image:height\" content=\"565\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lorraine Woellert\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lorraine Woellert\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/cheap-oil-means-cheap-gas-it-also-means-cheap-mortgages-heres-why\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/cheap-oil-means-cheap-gas-it-also-means-cheap-mortgages-heres-why\\\/\"},\"author\":{\"name\":\"Lorraine Woellert\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/6395c928950a61ee52bf19341000cfd7\"},\"headline\":\"Cheap Oil Means Cheap Gas. 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