Published: Sun, September 03, 2017
Money | By Armando Alvarado

Mortgage rates fall to their lowest level this year

Mortgage rates fall to their lowest level this year

Late last year most housing analysts expected the benchmark 30-year fixed-rate mortgage interest rate would average about 4.50 percent throughout 2017. The effective rate remained unchanged from last week.

Interest rates on US 30-year mortgages declined for a fifth consecutive week to their lowest levels since early November as benchmark Treasury yields fell to nine-month lows earlier this week, Freddie Mac said on Thursday.

Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending August 25, 2017. Last week, 30-year mortgage rates averaged 3.86 percent, the mortgage finance agency said.

The average 15-year fixed mortgage rate dipped to 3.20%. The short term, popular 15 year refinance loan interest rates at the bank start at 3.000% today yielding an April of 3.145%. It was 3.18 percent a week ago and 2.74 percent a year ago. It has an average of 0.29 discount and origination points. The 10 year ARM loans can be had for 3.375% with a starting April of 3.637%. Popular 15 year fixed rate loans at the bank can be had for 3.125% and an April of 3.249%. The 10/1 Adjustable Rate Mortgages can be had for 3.125% with an April of 3.691% to start.

The refinance share of mortgage activity accounted for 49.4 percent of all applications. "However, recent releases of positive economic data could halt the downward trend of mortgage rates". A week ago it was 4.02%.

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FHA loans are a favorite among young, first-time buyers with less money to put down on a home.

Compare mortgage rates in your area now. The effective rate decreased from last week.

"Even though the USA economy is really looking pretty strong right now, particularly in the job market, the rest of the world is lagging behind", says Fratantoni. See local mortgage rates. That will make for a full percentage point increase within one year.

Attributed to Sean Becketti, chief economist, Freddie Mac.

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