Wednesday, 13 December, 2017

Mortgage rates fall again as Trump trade fizzles out

MBA: Mortgage Apps Increase by 2.3% Mortgage rates fall again as Trump trade fizzles out
Juana Turner | 10 February, 2017, 01:41

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.16%, while points for 80% LTV loans increased to 0.37 from 0.35. A year ago, the benchmark rate stood at 3.65 percent. This type of loan bears an annual percentage rate of 4.413%. The 7 year ARMs can be had for 3.500% today with a starting April of 3.684%.

Mortgage rates might not be climbing as steadily as many predicted.

The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. ARM interest rates in the 7 year refi category are published at 2.625% now showing an April of 3.141%.

Mortgage rates this week remained stuck in a holding pattern, with the average rate for a 30-year fixed-rate mortgage (FRM) hovering at about 4.17%, down slightly from last week when it averaged 4.19%, according to Freddie Mac's Primary Mortgage Market Survey.

"At the very least, landlords should consider having some properties mortgaged on longer term fixes to spread risk". A shorter-term alternative, the 15-year FRM, is published at a rate of 3.625%, whilst the April on this loan stands at 3.677%. The current mortgage rate on the 30-year FRM is 2 basis points lower than a week ago.

"Rates are at about the same level at which they started the year and have stayed within a 2-basis-point range over the past three weeks".

Most mortgage analysts believe that loans used to purchase homes will come to dominate the overall mortgage market this year as refinance volumes fall off.

The 5/1 Adjustable Rate Mortgages have been quoted at 3.250% at Chase with an April of 3.605%.

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