Benchmark mortgage rate dips slightly

by Francis Monfort02 Oct 2017
The average rate for the benchmark 30-year fixed rate mortgage slid to 4.03% from the previous 4.04%, according to the weekly national survey by Bankrate.com.

The mortgage has average discount and origination points of 0.30. The average rate for the larger jumbo 30-year fixed rose to 4.15%, while rates for the 15-year fixed mortgage averaged 3.27%, up from 3.25%. The 15-year fixed recorded average discount and origination points at 0.26.

Changes in the average rates for adjustable mortgages were mixed. The 5-year adjustable-rate mortgage (ARM) had an average 3.52%, unchanged from the previous average, with average points of 0.36. The 7-year ARM recorded an increase to 3.72%.

Bankrate.com said rates saw a general increase for the third consecutive week given a hawkish view of the Federal Reserve coupled with expectations of an upcoming tax reform. These factors are making investors think about faster economic growth, higher inflation, and higher interest rates, according to the company.

Meanwhile, Freddie Mac’s Primary Mortgage Market Survey showed the average rate for the 30-year fixed rate mortgage at 3.83% for the week ending Sept. 28, unchanged from the previous week. It had an average 0.6 point.

The average rate for the 15-year fixed-rate mortgage was 3.13% with an average 0.5 point, also steady from the previous period. Rates for the 5-year Treasury-indexed ARM averaged 3.20%, an increase from the 3.17% average in the previous survey. The mortgage had an average 0.5 point.

"Rates held relatively flat this week,” Freddie Mac Chief Economist Sean Becketti said. The 10-year Treasury yield fell just one basis point, while the 30-year mortgage rate remained unchanged at 3.83%."


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