Bankrate: Mortgage Rates Are at a Low for 2017

The average contract interest rate for 15-year fixed-rate mortgages decreased to its lowest level since November 2016, 3.36 percent, from 3.40 percent, with points remaining unchanged at 0.38 (including the origination fee) for 80 percent LTV loans., which puts out a weekly mortgage rate trend index, found the experts it surveyed were nearly evenly split between rates falling or remaining unchanged in the coming week.

Late last year most housing analysts expected the benchmark 30-year fixed-rate mortgage interest rate would average about 4.50 percent throughout 2017. ARM interest rates in the 10 year category have been published at 3.000% today and the April is 3.709%. The 15-year FRM this week averaged 3.12 percent, down from last week when it averaged 3.16 percent. The five-year adjustable rate average moved slightly higher to 3.16 percent with an average 0.4 points.

"Between worries about the impact of Hurricane Harvey, to renewed tensions with North Korea and the looming debt ceiling battle, investors have plenty to be skittish about", McBride said. It was 3.18 percent a week ago and 2.74 percent a year ago.

The refinance share of mortgage activity increased to 49.4 percent of total applications from 48.7 percent the previous week. In addition, FHA loan applications to purchase a home are only up 4 percent from a year ago.

Before this third short-term rate hike in just six months, fixed-rate mortgages were barely off 2017 lows.

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