Average mortgage rate drops to 5-month low

Mortgage Applications drop 1.8%

That has led mortgage rates lower as well.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent this week with an average 0.4 point, down from last week when it averaged 3.18 percent.

At the current average 30-year fixed mortgage rate of 4.16 percent, the monthly payment for a $200,000 loan is $973.37.

Rates for mortgages are in a constant state of flux, but they remain low by historical standards.

10 year FRMs can be had for 3.125% today with an April of 3.331%.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average tumbled to 3.97 percent with an average 0.5 point.

ARM interest rates in the 5 year category are coming out at 3.375% at PHH Mortgage with a starting April of 3.876%. It was 3.18 percent a week ago and 2.81 percent a year ago. Interest rates on mortgages began to rise after President Donald Trump won the November election.

Applications for a mortgage fell by 1.8%, more than last week's 1.5% dip.

"Our rates, like everyone else's, are continuously under review and subject to change. But if first quarter GDP disappoints next Friday, this drop in rates could have further to go". (All 80% LTV loan reports include the origination fee.) The effective rate decreased from last week. On an unadjusted basis, the Index decreased 2 percent compared with the previous week.

The MBA's refinance index increased by just 0.2% week over week, and the percentage of all new applications that were seeking refinancing rose from 41.6% to 42.4%.

According to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending April 14, 2017, USA mortgage applications decreased 1.8 percent from one week earlier.

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