Over a 15-year term, the total interest payments would be around $21,553. And with rates near record lows, more homeowners are refinancing.
Advertisement
You will see these rates listed on Bankrate site averages; these calculations are run after the close of the business day.
The best 30 year FRM interest rates are published at 3.750% at Chase Bank (NYSE:JPM) today with an April of 3.915%.
The FHA share of total applications increased to 10.0 percent from 9.5 percent the week prior.
While rates on mortgage refinances change daily, overall, they are now near historical lows.
When bond yields reached record lows in the Brexit aftermath, mortgage rates came along for the ride as mortgage rates are closely related to the yields on long-term government bonds. Home loan rates tend to follow the movement of long-term bonds. Included there are rates and/or yields we have collected on the previous day for a specific banking product.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.53 percent from 3.56 percent, with points increasing to 0.32 from 0.31 (including the origination fee) for 80 percent LTV loans. Adjustable mortgage rates rose from last week’s three-year lows, with the 5-year ARM jumping to 3.04 percent and the 7-year ARM climbing to 3.23 percent.
The 15-year FRM averaged 2.72%, a decrease from last week’s 2.74%, and from 3.25% last year.
The five-year adjustable rate average climbed to 2.76 percent with an average 0.4 point.
10 year loan deals start at 2.625% carrying an April of 2.888% today.
Longer-dated Treasury yields had tumbled on intense global bond demand following Britain’s vote to leave the European Union, known as Brexit.
“This week, markets stabilized and the 10-year Treasury yield rebounded sharply”, Becketti said.
The benchmark 30 year refinance fixed rate loans are 3.625% at Wells Fargo and April of 3.664% today. “This pattern suggests that mortgage rates are likely to remain low throughout the summer”.
Advertisement
According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 8, 2016, mortgage applications increased 7.2 percent from one week earlier. One point equals 1 percent of the loan amount. The refinance index climbed 11 percent, while the purchase index was unchanged.
