February 2016 USDA Interest Rates: Recent mortgage rates once again moved lower amid continuous market declines, the latest Freddie Mac Primary Mortgage Market Survey said. This marks the fourth consecutive week that mortgage rates moved lower. Last week, rates also fell due to market declines driving investors to Treasuries. “The recent market turmoil has given the Fed pause; as was universally expected, the Fed stood pat this week but kept its options open for a rate increase in March 2016,” said Freddie Mac.
As we start February 2016, the 30-year fixed-rate mortgage averaged 3.79% for the week ending Jan. 28, 2016, down from 3.81% last week, but up from 3.66% a year ago. Additionally, the 15-year FRM this week decreased to 3.07%, falling from 3.10% a week prior. In 2015, the 15-year FRM averaged 2.98%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.90% this week, a drop from last week when it averaged 2.91%. A year ago, the 5-year ARM came in at 2.86%.
Keep in mind the average 30 year fixed rate listed assumes a conventional mortgage with 20% and 740+ credit. Government loan program rates (USDA, FHA, and VA) are often a little bit lower, but closely mirror the average conventional loan rates. Also remember that mortgage rates change frequently during the course of the month. If you need an up to date mortgage rate quote, please contact us at ph: 800-691-8826 or just submit the Quick Contact form on this page.
If the 10 year treasury rate continues to decline we could see slightly lower mortgage rates in February. Remember that the 10 year yield predicts overall mortgage rates. If you have been considering buying a brand new home in 2016 now is a great time to do so. Our mortgage professionals at USDA Mortgage Hub can help you finance the home of your dreams. Whether it’s USDA, FHA or VA, we can assist you with getting pre approved. With average mortgage rates still near all time lows, it’s a great time to consider that new home purchase.
Home owners that currently have a USDA Rural Housing loan should also check to see if they can benefit from the USDA Pilot refinance program in February. The USDA Pilot Refi is a streamline refinance program reserved exclusively for home owners that currently have USDA Rural Development mortgage.
- Even if your home is underwater or upside down in value, it’s ok
- No appraisal or home inspection needed
- Interest rate reduction must be at least 1%
- No mortgage late payments in the last 12 months
- Normal USDA loan income limits apply
- Learn more about the USDA refinance here
Home owners with other loans like FHA, VA or conventional can contact us to discuss other refinance options reserved for those loan types.
USDA Mortgage Hub is a national leading mortgage resource, we are available 7 days a week to serve you. Ph: 800-691-8826