NEW YORK, April 20, 2017 /PRNewswire/ -- Mortgage
rates fell the lowest levels of the year, with the benchmark
30-year fixed mortgage rate now 4.16 percent, according to
Bankrate.com's weekly national survey. The 30-year fixed mortgage
has an average of 0.28 discount and origination points.
The larger jumbo 30-year fixed dropped to the lowest level since
mid-November, now 4.07 percent, with the average 15-year fixed
mortgage rate following suit, sinking to 3.35 percent. Adjustable
mortgage rates were sharply lower as well, with the 5-year ARM and
7-year ARM each falling to 5-month lows of 3.42 percent and 3.56
percent, respectively.
Mortgage rates fell for the third week in a row and fourth time
in the past five weeks as markets remain jittery about North Korea, Syria, and other global hotspots. The
international tensions, coupled with a spate of weak economic data,
have prompted more investors to move into safe haven instruments
like U.S. Treasuries. When bond prices rise, bond yields fall and
mortgage rates are closely related to the yields on long-term
government bonds. Weakness, uncertainty, and nervousness, which
have each been in plentiful supply in recent weeks, are good news
for bond investors and mortgage shoppers alike. Expectations for a
June Fed interest rate hike have also eased slightly, further
contributing to the downward adjustment on bond yields and mortgage
rates.
At the current average 30-year fixed mortgage rate of 4.16
percent, the monthly payment for a $200,000 loan is $973.37.
SURVEY RESULTS
30-year fixed: 4.16% -- down from 4.22% last week
(avg. points: 0.28)
15-year fixed: 3.35% -- down from 3.43% last week
(avg. points: 0.25)
5/1 ARM: 3.42% -- down from 3.46% last week (avg.
points: 0.30)
Bankrate's national weekly mortgage survey is conducted each
Wednesday from data provided by the top 10 banks and thrifts in 10
top markets. For a full analysis of this week's move in mortgage
rates, go to
http://www.bankrate.com/finance/mortgages/mortgage-analysis-041917.aspx
The survey is complemented by Bankrate's weekly Rate Trend
Index, in which a panel of mortgage experts predicts which way the
rates are headed over the next seven days. This week the panelists
are split, with 38 percent forecasting further declines and 38
percent expecting mortgage rates to remain more or less unchanged
over the next week. Just 24 percent predict a rebound in mortgage
rates in the next seven days.
About Bankrate.com
Bankrate.com provides consumers with the expert advice and tools
needed to succeed throughout life's financial journey. For over two
decades, Bankrate.com has been a leading personal finance
destination. The company offers award-winning editorial
content, competitive rate information, and calculators and tools
across multiple categories, including mortgages, deposits, credit
cards, retirement, automobile loans, and taxes. Bankrate aggregates
rate information from over 4,800 institutions on more than 300
financial products. With coverage of over 600 local markets,
Bankrate generates rate tables in all 50 U.S. states. Bankrate
develops and provides web services to more than 100 cobranded
websites with online partners, including some of the most trusted
and frequently visited personal finance sites on the internet, such
as Comcast, Yahoo!, CNBC and Bloomberg. In addition, Bankrate
licenses editorial content to more than 500 newspapers on a daily
basis including The Wall Street Journal, USA Today, The New York
Times and The Los Angeles
Times.
For more information contact:
Kayleen Yates
Vice President, Corporate Communications
kyates@bankrate.com
(917) 368-8677
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SOURCE Bankrate.com