Mortgage rates were mostly in a holding pattern this week, which may have been welcome news to borrowers after last week’s uptick.
“The 10-year Treasury yield remained relatively flat this week, as did the 30-year mortgage rate, which fell 1 basis point to 4.02 percent,” says Sean Becketti, Freddie Mac’s chief economist. “Markets have been erring on the side of caution following a weak advance estimate for first-quarter GDP and the FOMC’s broadly expected decision to leave rates unchanged.”
Freddie Mac reports the following national averages with mortgage rates for the week ending May 4:
30-year fixed-rate mortgagesaveraged 4.02 percent, with an average 0.5 point, falling slightly from last week’s 4.03 percent average. Last year at this time, 30-year rates averaged 3.61 percent.
15-year fixed-rate mortgagesaveraged 3.27 percent, with an average 0.5 point, the same average as last week. A year ago, 15-year rates averaged 2.86 percent.
5-year hybrid adjustable-rate mortgagesaveraged 3.13 percent, with an average 0.5 point, rising from last week’s 3.12 percent average. A year ago, 5-year ARMs averaged 2.80 percent.
Author:Scott Valentine Phone: 908-845-5525 Dated: May 5th 2017 Views: 99 About Scott: ...