Mortgage rates tumble below 4 percent again

Mortgage rates tumble below 4 percent again

The 15-year fixed-rate mortgage averaged 3.23%, down from 3.34%. For 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100), the average contract interest rate decreased to 4.15% from 4.24%, with points for 80% LTV loans decreasing to 0.23 from 0.28. Because home loan rates tend to follow the same path as long-term bond yields, they also fell. 10 year ARM interest rates have been offered at 3.720% today and an April of 3.927%.

The borrowing cost on 30-year mortgages, the most widely held type of USA home loan, averaged 3.97 percent in the week ended April 20, the lowest since 3.94 percent in the November 17 week.

The rate on 15-year mortgages declined to 3.23 percent from 3.34 percent last week. The best 20 year loans are published at 3.680% and April of 3.820%. Interest rates on mortgages began to rise after President Donald Trump won the November election. On the variable-mortgage side, the average rate on 5/1 adjustable-rate mortgages trended upward.

USA mortgage industry group says it recommends a multiple guarantor model with at least two entities, preferably more, in a reform of secondary mortgage market. ARMs and their APRs change as interest rates move up and down. Looking forward, it's hard to see rates dropping further in the coming week.

The Mortgage Bankers Association reported that refinancing activity is down more than 40 percent from a year ago. On an unadjusted basis, the Index decreased 2 percent compared with the previous week. The purchase index fell 3 percent.

The MBA's refinance index increased by just 0.2% week over week, and the percentage of all new applications that were seeking refinancing rose from 41.6% to 42.4%.

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