The 30-year fixed-rate mortgage dropped to its lowest point of the year as 10-year Treasury yields closed at their lowest level since May 2013, according to Freddie Mac.

This week, the 30-year fixed-rate mortgage fell to 3.80%, down from 3.93% last week. A year ago this time, it was 4.47%, according to the Primary Mortgage Market Survey.

“The temporary decline in rates will likely be short-lived,” said Jonathan Smoke, chief economist at realtor.com®.  “Those who can take advantage now and lock in a purchase or refinance at these levels may never see these rates again.”

Falling mortgage rates can be attributed to global economic jitters and plunging oil prices, according to Bankrate.

With the Russian currency in crisis, there is a flight to safety, Smoke added.

“The dollar and U.S. treasuries have become a safe haven for international investment, and when demand for bonds increases, rates go down,” he said.

The 15-year fixed-rate mortgage also came down this week, to 3.09% from 3.20% last week. The rate was 3.52% a year ago this time. In addition, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.95% this week, 2.98% last week and 3% a year ago this time.

The 1-year Treasury-indexed ARM averaged 2.38% this week, down from 2.40% last week and 2.56% a year ago this time.

A majority of mortgage experts surveyed by Bankrate.com expect rates to either remain unchanged or dip again next week. Among the experts, 42% believe rates will dip again, while another 42% said rates will remain unchanged. Just 16% of respondents thought rates would increase, according to the Bankrate.com Rate Trend Index.

“This is likely the last of the low rates,” said Smoke. “We’re likely to see increases in the weeks ahead.”