Mortgage Rates Tumble Below 4 Percent

Reuters

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. (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.

"Weak economic data and growing global tensions are driving investors out of riskier sectors and into Treasury securities", Sean Becketti, Freddie Mac chief economist, said in a statement.

The lowest rate 90% LTV five year fixed now costs 5% less than it did this time last year, for example, while its 60% LTV counterpart costs 4% less than it did in April 2016. Interest rates on mortgages began to rise after President Donald Trump won the November election. The yield on a 10-year Treasury sank to its lowest point since November on Tuesday, dropping to 2.18 percent. All in all, it was enough to nudge the average survey rate up a bit.

Davis Cup 2017: Emotional Nick Kyrgios leads Australia to semi-finals
The counter-punching of the 22-year-old Sydneysider helped him save break points in the ninth and 11th games of the third set. If Belgium wins, they will host the semifinal, if Italy comes back to claim victory, they will have to travel Down Under.

Securing a mortgage used to be a much more expensive proposition. He added "rates are still too high to attract much interest from homeowners looking to refinance, and purchase activity was relatively weak". How expensive? For some perspective, here are a few of the rates as of April 1997. This week the panelists are split, with 38 percent forecasting further declines and 38 percent expecting mortgage rates to remain more or less unchanged over the next week. Robbins and Kittle are former chairmen of the Mortgage Bankers Association of America (MBA). On an unadjusted basis, the Index decreased 2 percent compared with the previous week.

The Refinance index increased 0.2% over the same period, while the seasonally adjusted and unadjusted Purchase indices decreased by 3%.

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