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Average 30-year mortgage rate dips to 4.15%

 

Mortgage Rate Trend Index

Even with a two-week decline, most experts (55%) polled by Bankrate.com this week predict that rates will rise again over the short term. Only 9% foresee further declines, and the remaining 36% expect little change.

Mortgage buyer Freddie Mac says the rate on 30-year, fixed-rate loans eased to 4.15 percent from 4.17 percent last week. The benchmark rate stood at 3.65 per cent a year ago and averaged 3.65 percent through 2016, the lowest in records going back to 1971.

The rate on 15-year mortgages dropped to 3.35 percent this week from 3.39 per cent and 2.95 percent a year ago.

Both rates fell for the second straight week.

But rates have soared since President Donald Trump was elected Nov. 8. Investors have bid rates higher because they expect Trump's plans to cut taxes and increase spending on infrastructure will boost growth and inflation. 

The Federal Reserve raised short-term rates in December and is expected to continue hiking rates this year. 

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Related Topics: Mortgage rates