Mortgage rates rise slightly amid markets’ Trump slump
expectations for when those changes will actually happen.
“You might have some investors sort of reassessing how fast something like a tax cut could be put into place,” says Michael Fratantoni, chief economist with the Mortgage Bankers Association.
That reassessment has reversed some of the gains in the stock market and has pushed mortgage rates down — though only temporarily. As the Federal Reserve hikes interest rates, the sub-4 percent mortgage rates borrowers enjoyed in 2016 aren’t likely to return for the foreseeable future. THIS WEEK’S MORTGAGE RATES
The benchmark 30-year fixed-rate mortgage rose this week to 4.30 per- cent from 4.29 percent, according to Bankrate’s weekly survey of large lenders. A year ago, it was 3.83 percent. Four weeks ago, the rate was 4.31 percent. The 30-year fixed-rate average for this week is 0.14 percentage points below the 52-week high of 4.44 percent and is 0.78 percentage points above the 52-week low of 3.52 percent.
The 30-year fixed mortgages in this week’s survey had an average total of 0.26 discount and origination points.
Over the past 52 weeks, the 30-year fixed has averaged 3.89 percent. This week’s rate is 0.41 percentage points higher than the 52-week average.
The 15-year fixed-rate mortgage was flat at 3.49 percent.
The 5/1 adjustable-rate mortgage rose to 3.49 percent from 3.44 percent.
The 30-year fixed-rate jumbo mortgage rose to 4.23 percent from 4.22 percent.