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Average US 30-year mortgage rate slips to 4.02 percent

19 May 2017, 07:34 | Melvin Schneider

It was 3.58% in the year-ago week.

"The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week's survey", Freddie Mac chief economist Sean Becketti said in a statement. Adjustable mortgage rates were on the decline as well, with the 5-year ARM sinking to 3.42 percent and the 7-year ARM reverting to where it had been two weeks ago at 3.62 percent.

Freddie Mac said the 30-year fixed-rate mortgage averaged 4.02% for the week ending May 18, down from 4.05%. A year ago at this time, the 15-year FRM averaged 2.81 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Only small changes have been noted to 10-year Treasury yields, which often mirror mortgage rate trends.

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Wednesday's selloff - the Dow took its biggest dive in eight months - took place after Freddie Mac polled lenders for this week's survey. Bond prices rose as investors shunned riskier assets.

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

Meanwhile, the bond market is a bit more stoic.

The refinance share of mortgage activity accounted for 41.1 percent of all applications, its lowest level since September 2008. This is down from last week's 4.05% but up from last year's 3.58%. 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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