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Mortgage rates pull back on political uncertainty

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Staff Writer |
Mortgage rates
Houses   30-year fixed mortgage rate is 4.27 percent

Mortgage rates shifted into reverse this week, with the benchmark 30-year fixed mortgage rate sliding to 4.27 percent, according to Bankrate.

The 30-year fixed mortgage has an average of 0.26 discount and origination points.

The larger jumbo 30-year fixed also settled at 4.27 percent, while the average 15-year fixed mortgage rate was down to 3.49 percent.

Adjustable mortgage rates were also on the downswing, with the 5-year ARM stepping lower to 3.46 percent and the 7-year ARM sliding to the lowest point since late November at 3.66 percent.

Investors are starting to get antsy for details and progress on new fiscal policy initiatives that could provide a boost to economic growth – such as tax cuts, infrastructure spending, and even reduced regulation.

The buoyed hopes of faster economic growth have lifted financial markets ever since Election Day, but with some uncertainty building among investors there has been a renewed move back into safe haven U.S. Treasuries.

Mortgage rates are closely related to yields on long-term government bonds. The decline in bond yields and mortgage rates over the past week came despite a stronger than expected employment report that would typically be expected to push bond yields and mortgage rates higher.

At the current average 30-year fixed mortgage rate of 4.27 percent, the monthly payment for a $200,000 loan is $986.22.

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