30-Year Mortgage Rate Dips To 2017 Low

"Not only did the average 30-year fixed-rate mortgage decline for the fourth consecutive week in our survey, it also fell to a new 2017 low".

According to the report, of the residential mortgage loans originated by PNC in Q1 2017, 43 percent were for home purchase transactions-up from 33 percent over last quarter and 40 percent one year ago. Local banks such as Citizens and U.S. Bank were in line with the national rate, at 4.1 percent. The 30-year rate stood at 3.58% a year ago and averaged 3.65% in 2016, the lowest level in records dating to 1971.

Market observers noted that Freddie Mac's survey was the first since USA airstrikes in Syria, and since an unimpressive March jobs report. It rose to 2.26 percent Thursday morning. But in the past three months, employers have added an average of 178,000 jobs a month. That pushed their yields lower. The company offers award-winning editorial content, competitive rate information, and calculators and tools across multiple categories, including mortgages, deposits, credit cards, retirement, automobile loans and taxes. Mortgage rates move up or down based largely on Treasury bonds.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. The five-year adjustable rate dropped to 3.18 percent. The market composite index - a measure of total loan application volume - increased 1.5 percent. The shorter term 15 year loan deals have been offered at 3.250% with an April of 3.436%.

  • Salvatore Jensen