Mortgage Rates Take a Slight Drop

May 20, 2017, 00:31

3 year Adjustable Rate Mortgages are 3.000% now with a starting April of 3.744%.

The borrowing cost on 30-year mortgages, the most widely held type of USA home loan, averaged 4.02 percent in the week ended May 18, down from 4.05 percent the previous week, the mortgage finance agency said. A year ago at this time, the 15-year FRM averaged 2.81 percent. "This week's survey closed prior to Wednesday's flight to quality", he said. 7 year refi ARMs can be had for 2.625% now with an April of 3.141%. The government-backed mortgage-backer aggregates rates weekly from 125 lenders from across the country to come up with national average mortgage rates.

Quote Attributed to Sean Becketti, chief economist, Freddie Mac.

While the White House scandal was the catalyst for a measurable drop in the past couple days, mortgage rates had already moved a bit lower thanks to a slower than expected rise in consumer prices. The yield on the 10-year Treasury has gone down 20 basis points in just over a week. 5/1 Adjustable Rate Mortgages at start at 3.125% with a starting April of 3.677% which will change as interest rates adjust.

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Wednesday, turmoil in Washington over President Donald Trump's alleged Federal Bureau of Investigation scandals sent the Dow Jones Industrial average, and the 10-year Treasury, plummeting. David Kuiper, vice president of Northpointe Bank in Holland, Michigan, is one who predicts home loan rates will head lower.

This chart shows the movement of mortgaged rates over the past year. The market composite index - a measure of total loan application volume - decreased 4.1 percent.

The refinance share of mortgage activity accounted for 41.1 percent of all applications, its lowest level since September 2008. Interestingly, none of this week's respondents predict a rebound in mortgage rates in the next seven days.

The average loan size for purchase applications had a survey high of $322,300.

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