Mortgage rates in the United States will be lower this year than they were during the latter part of 2015 based on the reports from Realtor.

This is good news for borrowers who want to buy a home at a more affordable price this time. The decline in mortgage rates also means lower payments every month for renters. A report from Mortgage Bankers Association said that there was a 16 percent rise in refinancing activity in the last week. This shows how existing homeowners try to benefit from the low mortgage rate since mid-2012. According to the market forecasters, the rate in mortgage could set a record for a history of lows before it will rise up again. The shift they added is attributed to the decline in the price of oils and China's effort to curb flow of capital overseas.

Any signs of improvement in these markets will lead to the rising again in mortgage rates in the country. The stability also in these markets will strengthen Fed to continue to tighten its monetary policy.

On another report, Freddie Mac, a mortgage buyer told USA Today that a mortgage rate of 30 years fixed decreased to its lowest level in the last 10 months. That is, 3.65 percent now from the previous 3.75 percent. The decision of the Federal Reserve to increase interest rates at the latter part of 2015 did not threaten the market. It continues to slide. Based on the same report, factors such as the dryness in financial markets along with some other concerns in the economy as well as the decrease in oil prices, pushed investors in the direction towards US Treasuries which kept rates flat for potential buyers.

Sean Becketti, Freddie Mac's chief economist, said, "If Treasury yields were to hold at current levels, mortgage rates might well sink a little further before stabilizing."