Freddie Mac: Mortgage Rates In Holding Pattern Due To Economic Uncertainty
Feb 10 2017
The average prices for two- and three-year fixed rates are now 2.92 per cent and 3.76 per cent respectively, the survey for January found.
Multiple benchmark refinance rates sunk lower today. A year ago at this time, the 15-year FRM averaged 2.95%. 5/1 Adjustable Rate Mortgages at Chase start at 3.250%. with an April of 3.493% to start. One point equals 1 percent of the loan amount. At Wells Fargo, the 7/1 ARM is on the books at a rate of 3.750% and it holds an April variable of 3.918%.
Wells Fargo's mortgage loan portfolio also includes home purchase loans.
The average interest rate for a 30-year fixed-rate mortgage with conforming loan balances (loan balances of $424,000 or less) decreased from 4.39 percent to 4.35 percent, with points remaining unchanged at 0.34 (including the origination fee) for loans with an 80 percent loan-to-value ratio.
30 year refinance loan interest rates are 3.750% at Chase with an April of 3.853% today. The short term, popular 15 year fixed rate mortgages can be had for 3.710% today and an April of 3.894%. These applications rose 2 percent for the week and are at a 3.6 percent higher than they were a year ago. The current mortgage rate on the 30-year FRM is 2 basis points lower than a week ago.
Freddie Mac's survey also revealed, that the flexible 5-year adjustable rate loan averaged a rate of 3.21% this week, down from 3.23% in the prior week.
Similarly, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,000) decreased to 4.27% from 4.32%.
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