Bankrate: Mortgage Rates Pull Back on Political Uncertainty
- Author: Eleanor Harrison Feb 10, 2017,
Feb 10, 2017, 1:43
Groundwork Mortgage reports borrowers should not be "worried" about attaining a mortgage loan because rates a still at a historic low.
Mortgage buyer Freddie Mac said Thursday the rate on 30-year fixed-rate loans slipped to an average 4.17 percent from 4.19 percent last week. At Wells Fargo, the 7/1 ARM is on the books at a rate of 3.750% and it holds an April variable of 3.918%.
The index also found January was a good month for short-term tracker products, with two year buy to let tracker rates again at an average of just 2.81 per cent, having remained unchanged from December.
The average fee for a 30-year mortgage fell this week to 0.4 point from 0.5 point.
Multiple benchmark refinance rates sunk lower today.
"At the very least, landlords should consider having some properties mortgaged on longer term fixes to spread risk".
Borrowers, who are seeking non-conforming home purchase loan option at this lender, will see the 30-year fixed mortgage loan with a jumbo balance being offered today at a rate of 4.125%. Currently, the aforementioned loan is offered at a rate of 4.250% and it bears an April variable of 5.288%.
Monthly payments on a 10-year fixed-rate refi at 3.06 percent would cost $968.38 per month for every $100,000 you borrow. This type of mortgage loan features an annual percentage rate of 4.132%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.21%, down from 3.23%.
10 year FRM interest rates are published at 3.710% carrying an April of 3.976%.
For the week ending February 9, the 30-year fixed-rate mortgage averaged 4.17 percent-down from the previous week's average of 4.19 percent, but up significantly from the same time last year, when rates averaged 3.65 percent. That's a 2 basis points improvement over the previous rate of 3.41%, that it carried a week earlier.