Current Mortgage Rates 4/17/2017
|Conv. 30 Year Fixed||4.125%||4.169%|
|Conv. 15 Year Fixed||3.375%||3.452%|
|FHA 30 Year Fixed||3.625%||4.649%|
|VA 30 Year Fixed||3.625%||3.831%|
Rates are based on these Terms & Conditions
YTD Mortgage Rate Trend
Weekly Market Commentary
Freddie Mac: http://www.freddiemac.com/pmms/
Following a weak March jobs report, the 10-year Treasury yield dropped about 5 basis points. The 30-year mortgage rate fell 2 basis points to 4.08 percent. Not only did the average 30-year fixed-rate mortgage decline for the fourth consecutive week in our survey, it also fell to a new 2017 low.
Mortgage News Daily: http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/
Mortgage rates fell to the lowest levels of 2017 this week–not once, but THREE times. That sounds great, but it was at least somewhat incidental, considering rates were already fairly close to those lows to begin the week. After breaking through, the following 2 days merely saw a nominal continuation of the positive trend.
As far as justification, markets are intensely interested in geopolitical risks and political headlines at the moment. In the space of just a few weeks, the US has bombed Syria, received a nuclear threat from North Korea, moved an armada of warships into the East China sea, expressed that relations with Russia are at an all-time low, and dropped its biggest available bomb in Afghanistan (ostensibly another show of force for North Korea).
Geopolitical risks tend to push rates lower. On top of that, Trump commented that the dollar was “too strong.” This also pushed rates lower because policies that would weaken the dollar would also tend to push rates lower.
With the average lender quoting 4.0% on a top tier 30yr fixed scenario, we’ve now officially broken out of the narrow 4.125-4.375% range that’s been in effect since November 19th, 2016.