30-Year Mortgage Rate Hits Another 2017 Low

5/1 ARM interest rates are being quoted at 3.5% at HSBC with a starting April of 3.905% which will change as interest rates adjust. A year ago at t

5/1 ARM interest rates are being quoted at 3.5% at HSBC with a starting April of 3.905% which will change as interest rates adjust. A year ago at this time, the 30-year FRM averaged 3.44 percent. Unadjusted, rates jumped 2 percent.

NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. Tensions between North Korea and the United States and its allies over the former’s nuclear weapon program has compounded the decline in bond yields. The proportion of adjustable-rate mortgages also climbed, rising from 6.9 to 7.2 percent.

Average rates on other types of home loans that the MBA tracks were anywhere from 2 basis points to 12 basis points lower.

Mortgage rates have been in a five-week skid, but some observers expect the downturn is about to halt. The short term, popular 15 year loan interest rates start at 3.375% at the bank with an April of 3.522%. Elizabeth Rose, branch manager of Movement Mortgage in Dallas, is one who says rates will hold steady. “While bonds and rates are at the best levels and could still possibly improve from here with more negative news, it is more likely they will stay the course and remain unchanged”.

The Market Composite Index increased 3.3 percent on a seasonally adjusted basis from one week earlier, while the unadjusted index was up two percent. The share of USDA applications of all mortgage apps remained steady for the week.

The rate for a 15-year fixed home loan is now 2.90 percent, and the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.92 percent.

Refinancing made up the biggest share of mortgage activity all year – 51%, up from 49% the week before.

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