Mortgage Loan Rates Change Little, Applications Drop 4%

Mortgage Loan Rates Change Little, Applications Drop 4%

Interest rates for 30-year and 15-year fixed home loans, as well as 5/1 ARM rates, are all lower again today, according to a NerdWallet survey of current mortgage rates published by national lenders Thursday morning.

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. The five-year adjustable rate average slipped to 3.13 percent with an average 0.5 point. Mortgage interest rates have been moving in a narrow field since their initial spike following the presidential election. "However, this week's survey closed prior to Wednesday's flight to quality".

Large (in eligible areas) 30 year refinance fixed rate loans have been offered at 3.625% with an April of 3.429%.

Matthew Graham at Mortgage News Daily noted on Tuesday that mortgage rates have moved to their lowest level in two weeks, in a range of 4.00% to 4.25%, with 4.125% being the most-often offered rate for top-tier borrowers.

What are the refinance mortgage rates?

The 15-year FRM this week averaged 3.27 percent with an average 0.5 point, down from last week when it averaged 3.29 percent.

"Recent political turmoil and some not-so-great economic data have the stock market a bit jittery", Kuiper said. "The year-over-year increase was driven by conventional loans, which tend to be larger, leading to a record high for the average purchase loan size".

There's nothing like a good old fashioned political crisis to make investors nervous and bring mortgage rates lower. The seasonally adjusted purchase index decreased by 3% compared with the week ended May 5.

"Mortgage application volume dipped as interest rates rose through the course of last week", said Mike Fratantoni, MBA's chief economist.

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