3/1 Adjustable Rate Mortgages are being quoted at 3.000% with an April of 3.744%. Mortgage rates are closely related to yields on long-term government bonds, which have been in high demand amid the turmoil in Washington.
30 year loan interest rates at start at 3.950% today carrying an April of 4.021%.
"The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week's survey", Becketti said. It was 3.29 percent a week ago and 2.81 percent a year ago. 5/1 Adjustable Rate Mortgages at start at 3.125% with a starting April of 3.677% which will change as interest rates adjust.
Mortgage applications fell by 4.1% on a seasonally adjusted basis for the week ending May 12, according to the Mortgage Bankers Association's weekly mortgage applications survey.
While the White House scandal was the catalyst for a measurable drop in the past couple days, mortgage rates had already moved a bit lower thanks to a slower than expected rise in consumer prices. As a result, many prospective homebuyers who can not come up with a 20 percent down payment are unable to get a loan. US stocks plunged on Wednesday to the lowest level in a year as the controversy swirled over President Donald Trump's firing of former FBI Director James Comey, and the possible divulgence of classified information to the Russians. "This benefits the bond market (where mortgage interest rates are priced), as investors look for certainty and to avoid volatility". "Purchase volume is running more than 9 percent above last year's pace, with conventional purchase application volume up more than 12 percent".