The 15-year, fixed-rate home loan, popular with homeowners seeking to refinance their mortgages, was unchanged last week at 3.17 percent, according to Associated Press.
Mortgage rates were mixed this week as markets continue to search for a clear sign of where the economy is heading. ARM interest rates in the 10 year category are 3.500% today with an April of 3.713%.
The average contract interest rate for five year ARMs increased to 3.31 percent from 3.26 percent with points increasing to 0.25 from 0.22 for 80 percent LTV loans.
30 year loan deals are being quoted at 4% at BB&T Corp.
The benchmark 30 year loans at Quicken Loans can be had for 3.125% today yielding an April of 3.60%. “However, the majority of our survey was conducted prior to Tuesday’s sell-off in the bond market, which drove Treasury yields higher”.
The Washington-based group said its seasonally adjusted measure on loan requests for home purchases and refinancing fell to 417.4 in the week ended June 23, a drop of 6.2 percent from the previous week. The refinance index fell 9 percent, while the purchase index tumbled 4 percent.
NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. The effective rate remained unchanged from last week. “And with that stability and rates above 4 percent, there is little to attract those looking to refinance”.
The rate stood at 3.48 percent a year ago and averaged a record low 3.65 percent in 2016.