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Current Mortgage Rates Stay Lower on Monday

We saw mortgage rates dip a little lower on Friday after trouble in Turkey led financial market participants to seek out the perceived safety of long-term government bonds.

Mortgage rates are expected to stay close to current levels this week, but we could see some movement after a few key economic reports get released. Read on for more details.

Where are mortgage rates going?                                             Rates hold lower to start the week

It’s a quiet start to the week as there are no significant economic reports scheduled for release. That’s keeping long-term government bond yields, which dropped due to an increased demand on Friday after trouble for Turkey’s lira, down near three week lows.

The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is currently at 2.88%. That’s basically flat on the day and about six basis points lower from where it was this time last week.

Weekly mortgage applications fall as home prices climb

Mortgage applications to refinance a home loan have been falling, and they continued the downward trend, dipping 5 percent from the previous week to the lowest point since December 2000. That's down 35 percent year over year.

The refinance share of mortgage activity also decreased to 36.6 percent of total applications from 37.1 percent the previous week. The adjustable-rate mortgage share of activity decreased to 6.3 percent of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) remained unchanged at 4.84 percent, with points remaining unchanged at 0.45 for loans with a 20 percent down payment.

The overall view for mortgage applications looked bleak.

"The Market Index, which measures both purchase and refinance applications, was decreased to its lowest level since January 2016. Both purchase and refinance indexes decreased as well this week, with the refinance index staying close to its lowest level since December 2000," Kan said.

What would be the total monthly mortgage on a new 4 bedroom home in the Poconos?

The home building company advertises a $230,000 home w/ $1,190 monthly mortgage for principle & interest only. The down payment requested is $8,047. What should I expect my monthly mortgage to be? Thank You!

Do you mean the $1190 is before or after the down payment?

Scenario A. $230,000 mortgage @1190/mo = interest rate of 4.68%

Scenario B $230,000 - $8047 = $221,953
$221,953 mortgage @ 4.68% = $1148.47/mo mortgage payment.