Mortgage rates aren’t edging up yet. The 30-year fixed-rate mortgage dropped back below 4 percent to start the new year, Freddie Mac reports.

“Concerns about overseas economic developments have dominated financial markets to start the year,” says Sean Becketti, Freddie Mac’s chief economist. “U.S. Treasury bond yields fell amidst a global equity selloff and flight to safety. In response, the 30-year mortgage rate dipped 4 basis points to 3.97 percent.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 7:

• 30-year fixed-rate mortgages: averaged 3.97 percent, with an average 0.6 point, falling from last week’s 4.01 percent average. A year ago at this time, 30-year rates averaged 3.73 percent.
• 15-year fixed-rate mortgages: averaged 3.26 percent, with an average 0.5 point, rising from 3.24 percent last week. Last year at this time, 15-year rates averaged 3.05 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.09 percent this week, with an average 0.5 point, rising from last week’s 3.08 percent average. A year ago, 5-year ARMs averaged 2.98 percent.