Markets

Average US 30-year mortgage rate slips to 4.02 percent

Average US 30-year mortgage rate slips to 4.02 percent

The 30-year fixed-rate mortgage dipped slightly to 4.02% for the week ending May 18, 2017.

While mortgage rates dropped just three basis points this past week, Wednesday's stock market sell-off could drive them even lower going forward, according to Freddie Mac.

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

There's nothing like a good old fashioned political crisis to make investors nervous and bring mortgage rates lower. A year ago at this time, the 30-year FRM averaged 3.58 percent. Other key rates also fell marginally.




Mortgage rates fell over the week ahead of the steep decline in the US stock market, Freddie Mac reported.

Rates on adjustable five-year loans declined to 3.13 percent from 3.14 percent last week.

Political uncertainty is causing anxious investors, who are pulling back from stocks and moving into bonds. 7 year Adjustable Rate Mortgages are on the books at 3.500% with a starting April of 3.684%. One point equals 1 percent of the loan amount. The market composite index - a measure of total loan application volume - decreased 4.1 percent. Refinance volume is now at the lowest level since 2008.

"Mortgage application volume dipped as interest rates rose through the course of last week", said Mike Fratantoni, MBA's chief economist. This is a decrease from last week's 3.14% but remains higher than 2.8% previous year. The faster growth for conventional loans, which tend to be larger, led to another record high for the average purchase loan size at $322 thousand.


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