Average US 30-year mortgage rate falls to 3.95 pct, 2017 low
- Author: Zachary Reyes May 25, 2017,
May 25, 2017, 20:19
According to the latest data from the Mortgage Bankers Association the market composite index - a measure of total loan application volume - increased 4.4 percent. Last week, the average 30-year rate was 4.02 percent, the mortgage finance agency said. This is down from last week when it averaged 4.02%, but up from 3.64% a year ago. "The survey rate stands at 3.95 percent today, a new low for the year".
Throughout the spring, the 30-year fixed has resumed its traditional pattern of tracking the benchmark 10-year Treasury TMUBMUSD10Y, -0.08% yield, with a bit of a lag.
Shorter term, popular 15 year fixed rate mortgages at the bank start at 3.400% yielding an April of 3.5501%.
But the bank decided not to follow the market direction. Also in the market, the banks stock price lost ground to 51.78 down -0.37%.
The best 30 year FRMs at start at 3.875% yielding an April of 3.946% today. A five-year, adjustable rate mortgage - an increasingly popular choice for borrowers - averaged 3.07 percent, down from 3.13 percent.
10 year FRMs are 3.250% and April of 3.430%. "Almost 22 percent of all single-family purchase originations had multiple, non-married co-borrowers on the loan, up from 20 percent a year ago". A year ago at this time, the 5-year ARM averaged 2.87 percent. ARMs in the 5 year category are listed at 3.000% at and April of 3.633%. ARMs and their APRs change as interest rates move up and down.
All the mortgage rates published by banks often vacillate with MBS security prices that are traded in the stock market. Securities went up by the end of trading with the DJIA at 21012.55 an increase of +74.64.