Average US 30-year mortgage rate slips to 4.02 percent

At the current average 30-year fixed mortgage rate of 4.15 percent, the monthly payment for a $200,000 loan is $972.21. And the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.13 percent this week, down from last week when it averaged 3.14 percent.

The benchmark 30 year fixed rate loan interest rates at BB&T Corp.

Interest rates for 30-year and 15-year fixed home loans, as well as 5/1 ARM rates, are all lower again today, according to a NerdWallet survey of current mortgage rates published by national lenders Thursday morning.

30 year loan interest rates at Suntrust Banks (NYSE:STI) start at 3.990% today with an April of 4.1081%.

The majority of the panelists, 58 percent, see the decline in mortgage rates continuing while 42 percent expect mortgage rates to remain more or less unchanged over the next week. While the White House scandal was the catalyst for a measurable drop in the past couple days, mortgage rates had already moved a bit lower thanks to a slower than expected rise in consumer prices. "However, this week's survey closed prior to Wednesday's flight to quality". The yield on the 10-year Treasury has gone down 20 basis points in just over a week.

10 year fixed rate mortgages at the bank are 3.000% today yielding an April of 3.355%. David Kuiper, vice president of Northpointe Bank in Holland, Michigan, is one who predicts home loan rates will head lower. "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". "This benefits the bond market (where mortgage interest rates are priced), as investors look for certainty and to avoid volatility". "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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