US mortgage rates fell in step with bond yields in the wake of weaker-than-expected domestic economic data and as investors scaled back expectations about interest rate increases by the Federal Reserve in 2017, according to Freddie Mac (FMCC.PK) on Thursday. The five-year adjustable rate average slipped to 3.13 percent with an average 0.5 point. The 30-year fixed mortgage has an average of 0.25 discount and origination points.
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.
The rate for a jumbo 30-year FRM was down to 4.08% while the average 15-year FRM was down to 3.35%.More news: New Video Shows Erdogan Watching Washington Brawl
The 30-year fixed rate averaged 4.02 percent, down three basis points from the prior week. A year ago at this time, the 5-year ARM averaged 2.80 percent.
Quote Attributed to Sean Becketti, chief economist, Freddie Mac.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. President Trump's political troubles sent traders into a stock sell-off mode Wednesday - but yesterday, all was forgotten.More news: Robert E. Lee monument in New Orleans could come down overnight
While the White House scandal was the catalyst for a measurable drop in the past couple days, mortgage rates had already moved a bit lower thanks to a slower than expected rise in consumer prices.
Mortgage rates fell over the week ahead of the steep decline in the US stock market, Freddie Mac reported. One point equals 1 percent of the loan amount. "Purchase volume is running more than 9 percent above last year's pace, with conventional purchase application volume up more than 12 percent".More news: Anthony Weiner pleads guilty in sexting case, could face years in prison
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