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Mortgage Rates Get Trump Bounce According to Bankrate.com Weekly National Survey

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NEW YORK, NY – Mortgage rates went up slightly from one week ago, with the benchmark 30-year fixed mortgage rate nosing higher to 4.31 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.27 discount and origination points.

The larger jumbo 30-year fixed increased to 4.30 percent and the average 15-year fixed mortgage rate inched higher to 3.49 percent. Adjustable mortgage rates also went up, with the 5-year ARM rising to 3.48 percent and the 10-year ARM returning to 3.87 percent.  

Mortgage rates had went lower for a few days as skepticism in financial markets about fiscal policy changes started to grow. But that all changed following President Trump’s speech before a joint session of Congress, with the fervor for lower taxes, less regulation and more infrastructure spending renewed. Both bond yields and mortgage rates went higher, with mortgage rates more than erasing the declines seen in the preceding week. Mortgage rates are closely related to yields on long-term government bonds.

At the current average 30-year fixed mortgage rate of 4.31 percent, the monthly payment for a $200,000 loan is $990.92.

SURVEY RESULTS

30-year fixed: 4.31% — up from 4.29% last week (avg. points: 0.27)
15-year fixed: 3.49% — up from 3.48% last week (avg. points: 0.23)
5/1 ARM: 3.48% — up from 3.45% last week (avg. points: 0.28)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

For a full analysis of this week’s go in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. The majority of panelists, 70 percent, expect mortgage rates to keep climbing, while 30 percent predict that mortgage rates will remain more or less unchanged in the coming week. None of this week’s respondents expect a decline in mortgage rates over the next week.

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Free Northern Virginia expo to offer tips for first-time buyers and renters

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(RECAP: Local government representatives, nonprofit leaders, and mortgage and banking industry representatives will be among those presenting workshops and exhibits at the seventh annual Northern Virginia Housing Expo for renters and prospective home buyers. The expo is hosted by Fairfax-based nonprofit AHOME Foundation in cooperation with the Virginia Housing Development Authority (VHDA); Arlington, Fairfax and Loudoun counties; the cities of Alexandria and Falls Church; and the Town of Herndon. Numerous organizations sponsor the expo, including VHDA and the Northern Virginia Association of Realtors.)

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A new type of zoning worries residents

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(RECAP: A new form of proposed zoning has some in Charlottesville on edge, worried that it could be used to force out poorer residents. Nearly 200 people attended an information session last week at the Jefferson School African American Heritage Center to learn about form-based code, a different type of zoning ordinance that focuses on a building’s size and style instead of its use. In 2012, about 3,000 people were living in the city’s Strategic Investment Area, with a median household income of $28,309. The current median income for the city is $84,100, according to the Virginia Housing Development Authority.)

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