Sunday, 28 May, 2017

Average US 30-year mortgage rate slips to 4.02 percent

Steven Senne  AP Steven Senne AP
Toby Manning | 19 May, 2017, 20:46

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average fell to 4.02 percent with an average 0.5 point.

At the current average 30-year fixed mortgage rate of 4.15 percent, the monthly payment for a $200,000 loan is $972.21.

On Thursday, the benchmark 10-year Treasury yield US10YT=RR fell to a one-month low at 2.18 percent as safety bids for USA government bonds grew on worries about a scandal around Brazilian President Michel Temer, spurring a rout in the Brazilian stock market .BVSP. That depressed the yields on long-term Treasury bonds, which mortgage rates tend to follow.

15-year FRM this week averaged 3.27 percent with an average 0.5 point, down from last week when it averaged 3.29 percent.

Political uncertainty is causing anxious investors, who are pulling back from stocks and moving into bonds.

Continued political turmoil at the national level could push mortgage rates even lower as nervous investors move money out of the stock market and into the bond market.

Free webinar: Register now to learn about Closing the Gap between Government and IT with Army and Military Health System. "Expectations for slower economic growth could translate into a slower pace of interest rate hikes by the Federal Reserve in the months ahead". The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. David Kuiper, vice president of Northpointe Bank in Holland, Michigan, is one who predicts home loan rates will head lower.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.13 percent this week with an average 0.5 point, down from last week when it averaged 3.14 percent.

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