Wednesday's Rates for Home Mortgages at Wells Fargo, Citibank Aug 23, 2017

30-year fixed mortgage rate sinks to its lowest level in nine months

US 30-year mortgage rates fall to 9-month low - Freddie

The benchmark 30 year refinance fixed rate loan interest rates at Wells Fargo are listed at 4.000% today carrying an April of 4.050%.

The contract interest rate for a 5/1 adjustable rate mortgage loan fell from 3.34% to 3.27%. The shorter term, popular 15 year fixed rate loans are being offered for 3.250% yielding an April of 3.374% today. 20 year fixed rate mortgage interest rates can be had for 3.500% at the bank and an April of 3.597% today. It was 3.16 percent a week ago and 2.75 percent a year ago. High stock market valuations are increasingly prompting investors to move into safe haven government bonds at the first sign of trouble. As a result, bond prices have risen and yields have fallen. Mortgage rates tend to follow the same path as long-term bond yields. The average 30-year fixed mortgage has an average of 0.31 discount and origination points. More than half of the panelists, 54 percent, expect mortgage rates to remain more or less unchanged, while 31 percent forecast an increase in rates. "The net effect of various economic news on one side and threat of a government shutdown and termination of NAFTA by the president on the other side will be not much".

The 5/1 Adjustable Rate Mortgage interest rates at Wells Fargo can be had for 3.375% yielding an April of 3.463% at the beginning of the loan.

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Meanwhile, mortgage applications were flat again last week, according to the latest data from the Mortgage Bankers Association.

On an unadjusted basis, the composite index decreased by 2% week over week.

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