Finance

Mortgage Rates Drop to Lowest of 2017

Mortgage Rates Drop to Lowest of 2017

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average dropped to 3.95 percent with an average 0.5 point. A year ago at this time, the 30-year FRM averaged 3.64 percent.

The latest survey results showed that the 30-year fixed-rate mortgage averaged 3.95% for the week ending May 25, 2017.

The benchmark 30 year loans at Wells Fargo (NYSE:WFC) are 4.125% carrying an April of 4.155% today.

The 15-year FRM averaged 3.19%, down from last week when it averaged 3.27%.

Pep Guardiola waves at camera in Manchester city centre
He seemed genuinely touched as he was presented with a lifetime season ticket and he thanked the fans. Pep Guardiola at the Etihad Stadium in Manchester , north west England , May 13.

"As we predicted, the 30-year mortgage rate fell seven basis points this week in a delayed reaction to last week's sharp drop in Treasury yields". The best 20 year loan interest rates stand at 3.875% at the bank with an April of 4.017% today. One point equals 1 percent of the loan amount. (A basis point is 0.01 percentage point.) It has recovered slightly, but remains well below its peak earlier this month of 2.42 percent.

Big bank mortgage rates are driven by securities specifically for mortgages which partially track with the stock market.

Bankrate.com, which puts out a weekly mortgage rate trend index, found that close to two-thirds of the experts it surveyed say rates will remain relatively stable in the coming week. Rates could be substantially higher when the loan first adjusts, and thereafter. "That will send mortgage rates higher, sooner or later". Geopolitical and terrorism concerns, coupled with the distraction of a White House scandal that threatens to delay any growth-boosting policy initiatives have all kept a lid on mortgage rates. ARMs in the 5 year category are listed at 3.000% at and April of 3.633%.

This time parted ways with the stock market direction today.


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