Last week, the average interest rate on conforming 30-year fixed-rate mortgages fell to 4.06 per cent, a nine-month low, from 4.11 per cent the prior week, the MBA said. The proportion of adjustable-rate mortgages also climbed, rising from 6.9 to 7.2 percent.
Mortgage rates moved still lower and are at the lowest level since the week of November 9, 2016.
Long-term United States mortgage rates fell this week, led by the benchmark 30-year rate, which declined for the sixth straight week.
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A number of banks have cut their headline mortgage rates for fixed and variable home loans for owner occupiers in advance of what is expected to be an extremely busy season for the property market this spring.
5/1 ARM interest rates are being quoted at 3.5% at HSBC with a starting April of 3.905% which will change as interest rates adjust. Points remained stable on jumbo balance loans at 0.20 but fell on 15-year mortgages, from 0.41 to 0.35.
These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Unadjusted, rates jumped 2 percent. The 7/1 ARM deals can be had for 3.54% carrying an April of 3.867%. Mortgage rates are closely related to the yields on long-term government bonds.
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 institutions included in the "Bankrate.com Site Average" tables will be different from one day to the next, depending on which institutions' rates we gather on a particular day for presentation on the site.