Interest rates for 30-year and 15-year fixed home loans, as well as 5/1 ARM rates, are all lower again today, according to a NerdWallet survey of current mortgage rates published by national lenders Thursday morning.
Freddie Mac's Chief Economist Sean Becketti said that the survey came too late to see the impact from Wednesday's decline in Treasury yields.
"Recent political turmoil and some not-so-great economic data have the stock market a bit jittery", Kuiper said. The Mortgage Bankers Association's weekly tally was almost 16 percent lower than the same week one year ago.More news: Corbyn targets 'tax-dodging wealth extractors' in election campaign
The 15-year FRM also decreased slightly to 3.27%, down from 3.29% last week, but still up from 2.81% last year. Bond prices rose as investors shunned riskier assets. "However, this week's survey closed prior to Wednesday's flight to quality". 7 year Adjustable Rate Mortgages are on the books at 3.500% with a starting April of 3.684%. David Kuiper, vice president of Northpointe Bank in Holland, Mich., is one who predicts home loan rates will head lower. 20 year fixed rate loans are available starting at 3.625% at the bank with an April of 3.847% today.
Nervous investors and political uncertainty are causing some mortgage market observers to consider a new interest rate wrinkle: the possibility that the Federal Reserve may delay an expected short-term rate hike. The refinance index dropped 6 percent, while the purchase index tumbled 3 percent. This is a decrease from last week's 3.14% but remains higher than 2.8% past year. Refinance volume is now at the lowest level since 2008.