Mortgage rates dipped slightly over the past week, as investors sought a safe haven amid volatile markets and concerns about the economy. But the era of persistently falling rates has likely passed, which is bad news for home buyers.
The 30-year fixed-rate mortgage averaged 2.73% for the week ending Jan. 28, down four basis points from the week prior, Freddie Mac reported this week.
The 15-year fixed-rate mortgage fell one basis point to an average of 2.2%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage held steady at 2.8%.
The slight decrease in rates was a testament to investor activity, according to Realtor.com senior economist George Ratiu.
“With COVID cases still elevated amid the vaccine rollouts, investors remained worried about high unemployment claims, volatile earnings and lingering concerns about the economic outlook from the Federal Reserve,” he said. “The mood kept them funneling funds into mortgage bonds.”
Despite the decline,