Average US 30-year mortgage falls to 3.54 percent

The FHA version of the 30 year loans are coming out at 3.400% at the bank yielding an April of 4.4843%.

Worries over a possible British exit from the 28-nation bloc helped depress the US stock market for five straight days.

The average 30-year fixed-rate mortgage plummeted to 3.54%, the lowest level since May 2013, the Boston Globe reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.74% this week, a decrease from 2.82% last week.

“Wednesday’s Fed decision to once again stand pat on rates, as well as growing anticipation of the U.K.’s upcoming European Union referendum will make it hard for Treasury yields and – more importantly – mortgage rates to substantially rise in the upcoming weeks”, Becketti said. Two polls on Thursday showed more voters favored Britain to leave the EU.

Rather, financial markets are global, says James Lee, senior principal at Kensington Realty Advisors, a real estate investment advisory firm in Chicago, and 2016 chair of the Counselors of Real Estate, a realty brokers’ organization. “As for mortgage rates, I think there’s too much stacked up against them to see them go much lower at this point”. The yield on the benchmark 10-year Treasury note dropped to 1.57 per cent Wednesday from 1.70 per cent a week earlier.

Mortgage rates and mortgage applications both took a small dip last week, as jittery investors continued to turn to government-backed bonds in the lead-up to the Federal Reserve’s June meeting and a shaky European market. The company offers award-winning editorial content, competitive rate information, and calculators and tools across multiple categories, including mortgages, deposits, credit cards, retirement, automobile loans, and taxes. The jumbo options for the 30 year mortgages at the bank are on the books at 3.800% and an April of 3.8471% a bit higher than the non-jumbo loans.

Mortgage application volume decreased 2.4% on an adjusted basis during the week ended June 10 – with applications for refinances falling 1.0% and applications for purchases falling 5.0% compared with the previous week – according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

The average rate for a 15-year FRM was 3.06%, down from 3.11%. The fee remained at 0.5 per cent.