Mortgage rates ticked up slightly, but hovered near the 4% mark after the weak gross domestic product increase and the Federal Open Market Committee’s decision not to raise rates.
“Markets have been erring on the side of caution following a weak advance estimate for first-quarter GDP and the FOMC’s broadly expected decision to leave rates unchanged,” Freddie Mac Chief Economist Sean Becketti said.
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(Source: Freddie Mac)
The 30-year fixed rate mortgage edged down slightly to 4.02% for the week ending May 4, 2017. This is down from last week’s 4.03% but still up from last year’s 3.61%.
The 15-year FRM held steady at 3.27%, an increase from last year’s 2.86%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage increased slightly, hitting 3.13%. This is up from last week’s 3.12%, but down from 2.8% last year.
“The 10-year Treasury yield remained relatively flat this week, as did the 30-year mortgage rate which fell one basis point to 4.02%,” Becketti said.