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Mortgage Rates Moved Lower for Second Week According to Bankrate.com Weekly National Survey

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NEW YORK, NY – Mortgage rates went lower for a second consecutive week to start 2017, with the benchmark 30-year fixed mortgage rate sitting at 4.20 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.24 discount and origination points.

The larger jumbo 30-year fixed retreated to 4.24 percent, and the average 15-year fixed mortgage rate dropped to 3.41 percent. Adjustable mortgage rates were mixed, with the 5-year ARM nosing higher to 3.52 percent and the 7-year ARM sinking to 3.73 percent.

Following the headlong increase in November and December, both bond yields and mortgage rates are now moving in a much tighter range. Economic data remains consistently solid, but isn’t blowing anyone’s hair back. The prospective government stimulus upon which very high hopes have been pinned remains speculative, and the next huge go in rates could be predicated on legislative action or inaction post-Inauguration Day. One other potential catalyst for rate movement in the months ahead will be inflation, which investors haven’t needed to pay much attention to in a long time. Two readings – producer prices and consumer prices – are due for release in the coming week.

At the current average 30-year fixed mortgage rate of 4.20 percent, the monthly payment for a $200,000 loan is $978.03.

SURVEY RESULTS

30-year fixed: 4.20% — down from 4.21% last week (avg. points: 0.24)
15-year fixed: 3.41% — down from 3.45% last week (avg. points: 0.20)
5/1 ARM: 3.52% — up from 3.50% last week (avg. points: 0.30)

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. More than half of the panelists – 55 percent – expect mortgage rates to be in a holding pattern, remaining more or less unchanged over the next week. A small more than one quarter, 27 percent, predict further declines in mortgage rates while just 18 percent forecast an increase in the coming week.

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Government Officials Acknowledge Real Estate Investors in Unprecedented Economic Meeting

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(RECAP: On Jan. 4, Dr. Doug Duncan, Executive VP and Chief Economic Officer of the Federal National Mortgage Association, otherwise known as Fannie Mae hosted the association’s quarterly strategy meeting in Washington D.C. What made this particular session an unprecedented event, but, was the representation of real estate investors among the invited attendees. This is the first time that guests outside of Capitol Hill have been invited to any sort of Fannie discussion, which has opened up a debate on the importance of real estate investors in the current housing market. The meeting proved the government’s interest in investors and has provided an optimistic future outlook for single-family, non-occupant loans to be based more on the income of the property, as opposed to the borrower. Fannie’s limit on the number of loans made to a single investor had previously made it hard for landlords and investors to be economically motivated to provide housing sufficient to meet demand.)

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N.Va. real estate market sees best sales year in a decade

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(RECAP: Despite a slight year-over-year decline in average sales prices, the Northern Virginia real estate market in 2016 posted its best year since 2005 in both total sales and overall sales volume, according to new figures. A total of 21,097 residential properties went to closing during the year, up 3.8 percent from the 20,335 transactions recorded in 2015, according to preliminary figures reported Jan. 10 by the Northern Virginia Association of Realtors. Figures represent sales in Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church. The average sales price of $556,368 was down 0.1 percent from 2015’s record total of $556,995, but still represented the second-highest ever.)

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