Published: Fri, July 15, 2016
Economy | By Melissa Porter

Average US mortgage rates move little; near historic lows

Average US mortgage rates move little; near historic lows

Interest rates on US 30-year mortgages were little changed in the latest week, holding above their all-time low even as bond yields bounced up from their record lows, mortgage finance agency Freddie Mac FMCC.OB said on Thursday.

The 30-year fixed-rate mortgage averaged 3.42% for the week ending in July 14, 2016, a slight increase from last week's 3.41%.

The five-year adjustable rate average climbed to 2.76 percent with an average 0.4 point.

15 year Jumbo fixed rate mortgage interest rates are being offered for 3.000% yielding an April of 3.060% today. Mortgage rates took a sudden turn higher Thursday and are now back to levels seen prior to Britain's exit from the European Union, according to a NerdWallet survey of national lenders.

The average fee for a 30-year mortgage remained at 0.5 point this week.

The 15-year FRM averaged 2.72%, down from last week when it averaged 2.74%. This week, markets stabilized and the 10-year Treasury yield rebounded sharply. Long-term mortgage rates tend to track the yield on 10-year Treasury notes, which jumped to 1.47 percent Wednesday from 1.37 percent a week earlier. 20 year refinance fixed rate mortgages at the bank start at 3.375% and April of 3.913%. More specifically, BB&T's stock price declined to 35.89 down -0.12. "In particular, a number of investors discontinued their conventional high balance 7 year adjustable rate loan programs (agency jumbo ARM) while leaving their [five]-year and 10-year ARM programs unchanged".

The refinance share of mortgage activity jumped to 64% of total applications last week from 61.6% the week before. At the current average rate of 3.57 percent, the monthly payment for the same size loan is $905.92, resulting in savings of more than $68 per month for a homeowner refinancing now.

"Credit availability decreased over the month driven primarily by a decrease in availability of conventional conforming loan offerings", said Lynn Fisher, MBA's vice president of research and economics.

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