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Mortgage rates drop below 4%

 

Mortgage Rate Trend Index

Only 1 in 4 industry experts (24%) polled by Bankrate.com this week predict that rates will rise over the short term, while the rest divide evenly: 38% foresee a decline while 38% expect little change.

WASHINGTON – April 20, 2017 – Mortgage rates surged shortly after the presidential election, and many experts believed the long-awaited rising-rate trend had begun. However, rates have pulled back in recent weeks.

According to Freddie Mac's weekly forecast, this week's average fixed-rate mortgage at 3.97% is the lowest since November 2016.

"The 30-year mortgage rate fell 11 basis points this week to 3.97 percent, dropping below the psychologically-important 4 percent level for the first time since November," says Sean Becketti, chief economist at Freddie Mac. "Weak economic data and growing international tensions are driving investors out of riskier sectors and into Treasury securities. This shift in investment sentiment has propelled rates lower."

Rate overview for the week

  • The 30-year fixed-rate mortgage (FRM) averaged 3.97 percent with an average 0.5 point for the week ending April 20, 2017, down from last week's 4.08 percent. A year ago, the 30-year FRM averaged 3.59 percent.
  • The 15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week's3.34 percent. A year ago, the 15-year FRM averaged 2.85 percent.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent this week with an average 0.4 point, down from last week's 3.18 percent. A year ago, the 5-year ARM averaged 2.81 percent.

© 2017 Florida Realtors

 

Related Topics: Mortgage rates