Down, Down, Down for Mortgage Rates

first_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Who says mortgage interest rates are headed toward the 5 percent mark? For the week ending January 19, rates declined for the third consecutive week and are now headed back toward 4 percent.The average 30-year FRM dropped by 3 basis points over-the week, down to 4.09 percent after reaching a two-year high of 4.32 percent to start 2017, according to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS). The average 15-year FRM declined by 3 basis points down to 3.34 percent for the week ending January 19.“After trending down for most of the week, the 10-year Treasury yield rose following the release of the CPI report,” Freddie Mac Chief Economist Sean Becketti said. “In contrast, the 30-year mortgage rate fell three basis points to 4.09 percent, the third straight week of declines.”Bankrate.com posted similar numbers in its weekly national mortgage rates survey, with the 30-year fixed rate averaging 4.18 percent—the third straight week of declines reported by Bankrate. The average 15-year FRM remained unchanged from the previous week at 3.41 percent in Bankrate’s survey.“Mortgage rates fell for the third week in a row, despite a slight upward creep in inflation and wages,” Bankrate.com reported. “The Consumer Price Index went up 2.1 percent in 2016, which is higher than the Federal Reserve’s inflation target. The Fed also noted that businesses are seeing upward pressure on wages. The inflationary news didn’t push mortgage rates higher, though, as geopolitical uncertainty dominated.”According to Bankrate, the average monthly payment is $975.70 for a $200,000 mortgage loan at the current 30-year FRM rate of 4.18 percent.Prior to the three straight weeks of declines, mortgage rates had increased for eight consecutive weeks. Many analysts were predicting future increases for mortgage rates up to within the 4.5 percent to 5 percent range by the end of 2017, especially following the Fed rate hike in December. But mortgage rates have gone the other direction. Mortgage rates hovered slightly above the record low of 3.31 percent (set in late 2012) for much of 2016. Down, Down, Down for Mortgage Rates January 19, 2017 1,232 Views  Print This Post Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea Previous: Prices Rise, Inventory Falls Next: Lure of Homeownership Overshadows Rental Options The Best Markets For Residential Property Investors 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Housing Market Mortgage Rates 2017-01-19 Brian Honea Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News Home / Daily Dose / Down, Down, Down for Mortgage Rates Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Housing Market Mortgage Rates Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

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