Repost via Housing Wire 

Mortgage rates resumed their downward trend after barely moving last week, the latest Freddie Mac Primary Mortgage Market Survey said.
The 30-year fixed-rate mortgage dropped to 3.62% for the week ending Feb. 25, 2016, down from last week when it averaged 3.65%. A year ago at this time, the 30-year FRM averaged 3.80%. 

Also falling, the 15-year FRM this week came in at 2.93%, down from last week when it averaged 2.95%. A year ago at this time, the 15-year FRM averaged 3.07%. 
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.79% this week, down from last week’s 2.85% and 2.99% last year.

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By: Diana Olick via CNBC
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Who knew? The Federal Reserve raised its funds rate barely two months ago, and all that worry about higher interest rates for mortgage borrowers ended up being positively unwarranted. The average rate on the popular 30-year fixed mortgage began a free fall, reacting to financial markets overseas rather than monetary policy here at home.
"Mortgage rates are going down again, and it's good for borrowers, but is it really good for the housing market and the broader economy? The answer is no," said Guy Cecala, CEO and publisher of Inside Mortgage Finance.
Mortgage rates are falling because investors are flooding the U.S. bond market. Mortgage rates follow the yield on bonds that loosely follow the 10-year Treasury. Investors are buying bonds as a safety play in a highly volatile and largely negative stock market. Signs of weakness in the U.S. economy, in addition to trouble in overseas markets, pushed the yield on the 10-year Treasury to its lowest level since 2012, and mortgage rates followed south.



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Most people will need a mortgage to buy a home. That means that not only do you need to shop for a home, you need to shop for a home loan. But a survey of 2013 borrowers by the U.S. Consumer Financial Protection Bureau found that almost half of borrowers didn’t shop around before settling on a mortgage.
They should. In fact, you may find more loans to choose from than you do houses.
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