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Published: Fri, February 10, 2017
Economy | By Melissa Porter

Uncertainty Keeps Mortgage Rates in a Holding Pattern


Most borrowers made a decision to refinance their homes already, when rates hit a near record-low.

The average two-year buy-to-let tracker rate was 2.81 per cent, unchanged from December. One point equals 1 percent of the loan amount.

President of Groundwork Mortgage Jeff Berger joins us for different tips on selecting mortgages and to break down mortgage rates. 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 survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days.

30 year fixed rate mortgage interest rates at Suntrust Banks (NYSE:STI) are coming out at 4.400% with an April of 4.4870%. This is due to the fact that rates are still higher than they were a year ago.

"At the very least, landlords should consider having some properties mortgaged on longer term fixes to spread risk". A year ago, the five-year ARM averaged 2.83%.

Mortgage rates or interest rates on home loans eased slightly for the week ending February 9, according to mortgage provider Freddie Mac. That's a 2 basis points improvement over the previous rate of 3.41%, that it carried a week earlier.

Mortgages for Business chief executive David Whittaker (pictured) says: "Longer term swaps in particular have risen in recent months, so it's no surprise that pricing for five-year fixed rates have started to creep up".

Mortgage rates have been on a roller coaster ride for the past month, but a slight decrease in rates in the last week has boosted the mortgage market.

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