Average mortgage rate drops to 5-month low

Paterniano Del Favero
Aprile 21, 2017

The 15-year fixed-rate mortgage averaged 3.23%, down from 3.34%.

The refinance share of mortgage activity increased to 42.4 percent of total applications from 41.6 percent the previous week.

Despite the short-term lack of movement on rates, Mortgage Brain says there have been year-on-year drops in the cost of mainstream mortgages.

The best 30 year refinance fixed rate loan interest rates have been published at 3.750% at Chase with an April of 3.853%. It was 3.18 percent a week ago and 2.81 percent a year ago. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.08 percent a week ago and 3.59 percent a year ago.

15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.34 percent. 10 year ARM interest rates have been offered at 3.720% today and an April of 3.927%. "This shift in investment sentiment has propelled rates lower". All in all, it was enough to nudge the average survey rate up a bit.

You can use Bankrate's mortgage calculator to get a handle on what your monthly payments would be and see how much you'll save by adding extra payments.

"Our rates, like everyone else's, are continuously under review and subject to change".

On an unadjusted basis, the composite index decreased by 2% week over week.

Mark Lofthouse, CEO of Mortgage Brain, comments: "Our latest product data analysis shows that there's little to get excited about in terms of rate and cost movement over the past three months". The purchase index fell 3 percent.

The Mortgage Bankers Association has released a proposal for GSE reform, which provides a detailed roadmap toward reform, as well as insight into the transition period and the role the secondary market would play.

Altre relazioni OverNewsmagazine

Discuti questo articolo