Finance

BofA opens debate on lowering mortgage down payments

BofA opens debate on lowering mortgage down payments

US mortgage rates fell in step with bond yields in the wake of weaker-than-expected domestic economic data and as investors scaled back expectations about interest rate increases by the Federal Reserve in 2017, according to Freddie Mac (FMCC.PK) on Thursday.

With a flurry of news breaking in Washington, mortgage rates moved to the downside with the benchmark 30-year fixed mortgage rate falling to a five-month low of 4.15 percent, according to Bankrate.com's weekly national survey.

It was 3.58% in the year-ago week. The 15-year FRM this week averaged 3.27 percent, down from last week when it averaged 3.29 percent.

Mortgage rates retreated for the second time in three weeks following turmoil in Washington. A 5-year ARM was down to 3.42%.

Derek Jeter: "Absolutely nothing" to report on Marlins ownership bid
Jeter, 42, and his wife took some time to pose for photos alongside a replica of his newly unveiled dedication plaque. With the former captain's No. 2 retired, all single-digit numbers have been put to rest by the Yankees.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average fell to 4.02 percent with an average 0.5 point.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. That depressed the yields on long-term Treasury bonds, which mortgage rates tend to follow.

Political uncertainty is causing anxious investors, who are pulling back from stocks and moving into bonds. "This week's survey closed prior to Wednesday's flight to quality", he said.

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. This is down from last week's 4.05% but up from last year's 3.58%.


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