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Mortgage rates fall for 3rd consecutive week

Staff Writer |
Mortgage rates continued to drop this week, with the benchmark 30-year fixed mortgage rate sitting at 4.18 percent, according to Bankrate.com's weekly national survey.

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The 30-year fixed mortgage has an average of 0.25 discount and origination points.

Both the larger jumbo 30-year fixed (4.24 percent) and the average 15-year fixed mortgage (3.41 percent) remained unchanged this week.

Adjustable mortgage rates were mixed, with the 5-year ARM slipping to 3.45 percent and the 7-year ARM dropping to 3.68 percent.

Mortgage rates fell for the third week in a row, despite a slight upward creep in inflation and wages.

The Consumer Price Index went up 2.1 percent in 2016, which is higher than the Federal Reserve's inflation target. The Fed also noted that businesses are seeing upward pressure on wages.

The inflationary news didn't push mortgage rates higher, though, as geopolitical uncertainty dominated.

At the current average 30-year fixed mortgage rate of 4.18 percent, the monthly payment for a $200,000 loan is $975.70.


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