Political uncertainty in Washington has pushed mortgage rates lower in the week to Wednesday (May 17) according to the latest data from Bankrate.com
Political uncertainty in Washington has pushed mortgage rates lower in the week to Wednesday (May 17) according to the latest data from Bankrate.com.
The benchmark 30-year fixed rate mortgage slipped to 4.15% in the site’s weekly national survey, to reach a new 5-month low. The 30-year fixed mortgage has an average of 0.25 discount and origination points. At that rate, a $200,000 loan would mean a monthly payment of $972.21.
The rate for a jumbo 30-year FRM was down to 4.08% while the average 15-year FRM was down to 3.35%. A 5-year ARM was down to 3.42%.
Bankrate’s survey of mortgage experts reveals that 58% expect rates to decline further in the week to next Wednesday while 42% expect them to remain at about the current rates.
Meanwhile, Freddie Mac’s Primary Mortgage Market Survey showed similar decreases in average rates with a 30-year FRM at 4.02%, a 15-year FRM down to 3.27%, and a 5-year ARM down to 3.13% in the week ending May 18.
"The 30-year mortgage rate fell 3 basis points this week to 4.02%,” said Freddie Mac chief economist Sean Becketti. “However, this week's survey closed prior to Wednesday's flight to quality. The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week's survey."
The benchmark 30-year fixed rate mortgage slipped to 4.15% in the site’s weekly national survey, to reach a new 5-month low. The 30-year fixed mortgage has an average of 0.25 discount and origination points. At that rate, a $200,000 loan would mean a monthly payment of $972.21.
The rate for a jumbo 30-year FRM was down to 4.08% while the average 15-year FRM was down to 3.35%. A 5-year ARM was down to 3.42%.
Bankrate’s survey of mortgage experts reveals that 58% expect rates to decline further in the week to next Wednesday while 42% expect them to remain at about the current rates.
Meanwhile, Freddie Mac’s Primary Mortgage Market Survey showed similar decreases in average rates with a 30-year FRM at 4.02%, a 15-year FRM down to 3.27%, and a 5-year ARM down to 3.13% in the week ending May 18.
"The 30-year mortgage rate fell 3 basis points this week to 4.02%,” said Freddie Mac chief economist Sean Becketti. “However, this week's survey closed prior to Wednesday's flight to quality. The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week's survey."
