Average US 30-year mortgage rate slips to 4.02 percent

Mortgage Loan Rates Change Little, Applications Drop 4%

Mortgage Loan Rates Change Little, Applications Drop 4%

The best 30 year refinance FHA FRM interest rates are being quoted at 4.375% and an April of 5.417%.

USA mortgage rates fell in step with bond yields in the wake of weaker-than-expected domestic economic data and as investors scaled back expectations about interest rate increases by the Federal Reserve in 2017, according to Freddie Mac (FMCC.PK) on Thursday.

The majority of the panelists, 58 percent, see the decline in mortgage rates continuing while 42 percent expect mortgage rates to remain more or less unchanged over the next week.

Wednesday's selloff - the Dow took its biggest dive in eight months - took place after Freddie Mac polled lenders for this week's survey.

The average 30-year fixed-refinance rate is 3.92 percent, up 1 basis point over the last week.

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Higher interest rates over the past few weeks weighed on refinance volume, which fell 6 percent for the week and is down almost 37 percent from the same week one year ago. 30 year FHA fixed rate mortgage interest rates are published at 4.375% with a rather higher April of 5.417%.

Fixed-rate mortgages are showing their lowest average rates since November 14, 2016, according to the NerdWallet Mortgage Rate Index. The 10-year Treasury bond slipped near below 2.3% in overnight trading Tuesday.

10 year fixed rate mortgages at the bank are 3.000% today yielding an April of 3.355%.

Bankrate.com, which puts out a weekly mortgage rate trend index, found that more than half of the experts it surveyed say rates will go down.

There's nothing like a good old fashioned political crisis to make investors nervous and bring mortgage rates lower.

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Meanwhile, mortgage applications dwindled last week, according to the latest data from the Mortgage Bankers Association.

30 year refinance loans at BB&T have been quoted at 4% today yielding an April of 4.083%.

"Mortgage application volume dipped as interest rates rose through the course of last week", said Mike Fratantoni, MBA's chief economist. ARM volume is now up 24 percent from a year ago. The faster growth for conventional loans, which tend to be larger, led to another record high for the average purchase loan size at $322 thousand.

The drop may be due in part to higher home prices and, in turn, fewer entry-level buyers able to afford a home.

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