US Mortgage Rates Edge Lower in May

20 May, 2017, 00:29 | Author: Celia Hoffman

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week.

The 30-year fixed-rate mortgage (FRM) averaged 4.02 percent, down from last week when it averaged 4.05 percent.

USA markets have been in turmoil this week over concerns about President Donald Trump's economic agenda.

The best 30 year FRMs at stand at 3.950% today yielding an April of 4.021%.

The rate on 15-year mortgages eased to 3.27 percent from 3.29 percent last week. The 5 year ARMs at are being quoted at 3.125% and April of 3.677%. That depressed the yields on long-term Treasury bonds, which mortgage rates tend to follow.

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While the White House scandal was the catalyst for a measurable drop in the past couple days, mortgage rates had already moved a bit lower thanks to a slower than expected rise in consumer prices.

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets. David Kuiper, vice president of Northpointe Bank in Holland, Michigan, is one who predicts home loan rates will head lower.

The 30-year fixed mortgage has an average of 0.25 discount and origination points.

3 year Adjustable Rate Mortgages are 3.000% now with a starting April of 3.744%.

On an unadjusted basis, the market composite index, which measures mortgage loan application volume, declined by 4% from the week prior. "Purchase volume is running more than 9 percent above last year's pace, with conventional purchase application volume up more than 12 percent".

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