The average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances of $424,100 or less remained unchanged at 4.23 percent, with points increasing to 0.37 from 0.31, including the origination fee, for 80 percent loan-to-value ratio loans. The rate stood at 3.58 percent a year ago and averaged 3.65 percent in 2016, the lowest level in records dating to 1971.
Also at that time, the 30-year fixed mortgage rate was down 9 basis points to 3.746%, the lowest rate in weeks, according to Zillow Mortgages. Bond prices rose as investors shunned riskier assets. While a solid majority, almost two-thirds (65%) of futures traders, believe the Fed will move rates a quarter point higher next month, that's down from 83% just a week ago.
"The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week's survey", Becketti said. This is down from last week's 4.05% but up from last year's 3.58%.
The contract interest rate for a 5/1 adjustable-rate mortgage loan decreased from 3.36% to 3.30%. "However, this week's survey closed prior to Wednesday's flight to quality".
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This chart shows the movement of mortgaged rates over the past year.
Bankrate.com, which puts out a weekly mortgage rate trend index, found that more than half of the experts it surveyed say rates will go down.
Amid growing worries that deepening political turmoil in Washington will hinder President Donald Trump's plans to enact tax cuts and other business-friendly policies, the stock market had its steepest drop since September on Wednesday.