Average 30-year mortgage rate falls to 2017 low of 4.08 pct

Kristopher Drake
April 14, 2017

"The 30-year mortgage rate fell two basis points to 4.08 percent".

At the current average 30-year fixed mortgage rate of 4.22 percent, the monthly payment for a $200,000 loan is $980.37.

Ally Bank launched Ally Home Loans in December 2016 to meet growing customer demand for a mortgage product.

"Without exception, Americans of all ages and regions feel interest rates are an important factor in securing a mortgage, with 98 percent noting it as an important factor in their decision of which lender to choose", a release from Ally stated.


The 5/1 adjustable-rate mortgage rose to 3.46 percent from 3.45 percent. That represents an increase of 18 per cent on the same month a year ago when €312 million worth of new mortgage agreements were made.

Some investors saw the data as an indication that the economy's strength may be ebbing as it continues to recover from the Great Recession. Nervous investors clamor for the safe haven of U.S. Treasuries, pushing bond prices higher and bond yields lower. When yields are down, home loan rates are usually lower. When the yield is up, mortgage rates typically go up. It was 3.36 percent a week ago and 2.86 percent a year ago. It dipped to 2.3 percent Wednesday, the lowest it has been since mid-November. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates.

The survey also reports that four in five respondents (81%) who ever had a mortgage or plan to apply for one in the future said the total amount of closing costs did, or would, play a part in deciding on a lender. The short term, popular 15 year refinance fixed rate loans at the bank are available starting at 3.25% carrying an April of 3.396% today.

15-year FRM this week averaged 3.34 percent with an average 0.5 point, down from last week when it averaged 3.36 percent.

Other reports by Ligue1talk

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