Economy

Average US 30-year mortgage rate slips to 4.02 percent

Average US 30-year mortgage rate slips to 4.02 percent

It was the fifth straight week that the benchmark 30-year rate hovered around the key threshold of 4 percent.

The 30-year fixed rate averaged 4.02 percent, down three basis points from the prior week.

It was 3.58% in the year-ago week.

This chart shows the movement of mortgaged rates over the past year. 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. This is a decrease from last week's 3.14% but remains higher than 2.8% previous year.

Wednesday's selloff - the Dow took its biggest dive in eight months - took place after Freddie Mac polled lenders for this week's survey.

Political uncertainty is causing anxious investors, who are pulling back from stocks and moving into bonds.

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.

Mortgage rates fell over the week ahead of the steep decline in the USA stock market, Freddie Mac reported.

Continued political turmoil at the national level could push mortgage rates even lower as nervous investors move money out of the stock market and into the bond market. David Kuiper, vice president of Northpointe Bank in Holland, Michigan, is one who predicts home loan rates will head lower. "Purchase volume is running more than 9 percent above last year's pace, with conventional purchase application volume up more than 12 percent".


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