Mortgage

Freddie Mac: Mortgage rate decrease expected to continue

Next week could show more substantial declines

Mortgage rates fell slightly, but remained above the 4% mark, and are expected to see more substantial losses next week.

“The 30-year mortgage rate fell three basis points this week to 4.02%,” Freddie Mac Chief Economist Sean Becketti said. “However, this week’s survey closed prior to Wednesday’s flight to quality.”

Wednesday, turmoil in Washington over President Donald Trump’s alleged FBI scandals sent the Dow Jones Industrial average, and the 10-year Treasury, plummeting.

This chart shows the movement of mortgaged rates over the past year.

Click to Enlarge

rates

(Source: Freddie Mac)

The 30-year fixed-rate mortgage dipped slightly to 4.02% for the week ending May 18, 2017. This is down from last week’s 4.05% but up from last year’s 3.58%.

The 15-year FRM also decreased slightly to 3.27%, down from 3.29% last week, but still up from 2.81% last year.

The five-year Treasury-indexed hybrid adjustable-rate mortgage slipped to 3.13%. This is a decrease from last week’s 3.14% but remains higher than 2.8% last year.

“The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week’s survey,” Becketti said.

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