Average US 30-year mortgage rate slips to 4.02 percent

Click to see today's rates

Click to see today's rates

According to the MBA, last week's average mortgage loan rate for a conforming 30-year fixed-rate mortgage was unchanged for a second straight week at 4.23%. A year ago at this time, the 15-year FRM averaged 2.81 percent.

Freddie Mac's most recent Primary Mortgage Market Survey shows the 30-year fixed mortgage rate remaining around 4 percent for the fifth consecutive week.

The 5 year Adjustable Rate Mortgages are 3.490% at Suntrust and April of 3.9030%.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The 5/1 Adjustable Rate Mortgages are 3.125% at with an April of 3.677%. Mortgage rates are closely related to yields on long-term government bonds, which have been in high demand amid the turmoil in Washington. Bond prices rose as investors shunned riskier assets.

US mortgage rates fell in step with bond yields in the wake of weaker-than-expected domestic economic data and as investors scaled back expectations about interest rate increases by the Federal Reserve in 2017, according to Freddie Mac (FMCC.PK) on Thursday.

Fixed-rate mortgages are showing their lowest average rates since November 14, 2016, according to the NerdWallet Mortgage Rate Index.

What are the refinance mortgage rates?

David Kuiper, vice president of Northpointe Bank in Holland, Michigan, is one who predicts home loan rates will head lower. "This benefits the bond market (where mortgage interest rates are priced), as investors look for certainty and to avoid volatility". "The year-over-year increase was driven by conventional loans, which tend to be larger, leading to a record high for the average purchase loan size". "Purchase volume is running more than 9 percent above last year's pace, with conventional purchase application volume up more than 12 percent".

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