Mortgage rates continued to retreat as stock market volatility caused investors to seek safety in long-term bonds.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slid to a two-month low of 4.71 percent with an average 0.5 point. It was 4.81 percent a week ago and 3.94 percent a year ago. The 30-year fixed rate has fallen 23 basis points since Nov. 15.
The 15-year fixed-rate average fell to 4.21 percent with an average 0.4 point. It was 4.25 percent a week ago and 3.36 percent a year ago. The five-year adjustable-rate average dropped to 4.07 percent with an average 0.3 point. It was 4.12 percent a week ago and 3.36 percent a year ago.
“Mortgage rates ticked lower this week as trade negotiations sparked stock market fluctuations and caused investors to flock to the certainty of Treasuries,” said Danielle Hale, chief economist at Realtor.com.
However, Hale also pointed out that Friday’s employment report could affect rates.