Mortgage rates hold above 4%
- Author: Zachary Reyes May 20, 2017,
May 20, 2017, 0:23
"The 30-year mortgage rate fell three basis points this week to 4.02%", Freddie Mac Chief Economist Sean Becketti said.
30 year fixed rate mortgage interest rates are available starting at 3.750% at PHH Mortgage today with an April of 3.822%.
US markets have been in turmoil this week over concerns about President Donald Trump's economic agenda.
The best 30 year FRMs at are being offered for 3.950% today and an April of 4.021%. "This week's survey closed prior to Wednesday's flight to quality", he said.
The 15-year FRM also decreased slightly to 3.27%, down from 3.29% last week, but still up from 2.81% last year. A year ago at this time, the 5-year ARM averaged 2.80 percent.
And now, 's stock price rose to 50.74 up +0.27. As a result, many prospective homebuyers who can not come up with a 20 percent down payment are unable to get a loan. "This benefits the bond market (where mortgage interest rates are priced), as investors look for certainty and to avoid volatility".
3/1 Adjustable Rate Mortgages are being quoted at 3.000% with an April of 3.744%.
Meanwhile, mortgage applications dwindled last week, according to the latest data from the Mortgage Bankers Association. The refinance index dropped 6 percent, while the purchase index tumbled 3 percent to its highest level since October 2015.
The 5/1 ARM interest rates at PHH Mortgage are available starting at 3.310% and an April of 3.853%.
Meanwhile, the bond market is a bit more stoic.