Thanks to global market volatility and cheap oil, mortgage rates were pushed down for the second consecutive week, reports Lorraine Woellert of Redfin.

According to Freddie Mac, the cost of a 30-year fixed loan is now 3.92%, down from 3.97% the week prior. With the exception of the last week of 2015, mortgage rates have been below 4% since July.

Woellert writes that the Fed might have to stick with the small rate hike it made last month, which will cause mortgage rates to stay low.

“I was expecting oil prices to slowly filter upward, not crash and burn,” economist Joel Naroff wrote in a note to clients. “Now we have to wonder when energy prices will turn up. Until they do, the Fed will not have the comfort of accelerating inflation to go along with a tightening labor market.”

Fed Chair Janet Yellen meets with her posse Jan. 27, but few economists expect them to raise rates then. The next meeting is in March.

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