Average 30-year mortgage rate falls to 2017 low of 4.08 pct

Jerome Frank
April 14, 2017

The study found that 98% of those surveyed noted interest rates as an important factor in their decision of which lender to choose, followed by 96% saying closing costs as very or somewhat important to the decision, while 93% of respondents said a reputation for excellent customer service and convenience was also an important factor in the decision. That could be a sign that homebuyers are jumping into the market sooner this year.

What does that mean for you? If you're going to buy this spring, start shopping now. This was slightly down from the previous week, when the average was 3.36 percent. That brought the rate under its previous 2017 low of 4.09 percent on January 19.

The larger jumbo 30-year fixed also dropped, to a four-month low of 4.15 percent, while the average 15-year fixed mortgage rate dipped to 3.43 percent. A look at the most recent budget reports show the growth in spending at the federal level is not being driven by regular programs that Congress deals with on a yearly basis, the so-called "discretionary spending" programs, which fund everything from the Pentagon to Congress, and various Executive Branch departments. This week's rate is 0.31 percentage points higher than the 52-week average.

At the current average 30-year fixed mortgage rate of 4.22 percent, the monthly payment for a $200,000 loan is $980.37.

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A year ago at this time, the 30-year FRM averaged 3.58%.

Popular 15 year refi FRM interest rates at the bank start at 3.875% and an April of 3.852%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.18%, down from 3.19%. Anytime investors get nervous, whether it is from tepid economic data or saber-rattling by and between foreign adversaries, it tends to be good news for mortgage rates.

"I guess people don't think the Fed is going to raise as quickly as we think", says Michael Moskowitz, president of Equity Now, a mortgage lender in New York City.

Other reports by Guamnewswatch

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