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Mortgage rates retreat amid political turmoil in Washington


Wednesday's selloff - the Dow took its biggest dive in eight months - took place after Freddie Mac polled lenders for this week's survey.

This chart shows the movement of mortgaged rates over the past year. Because mortgage rates tend to follow the same path as long-term bonds, it is likely that rates will continue to fall in the coming week.

Sean Becketti, chief economist at Freddie Mac, forecast more rate declines were on the way.

30 year loan interest rates are published at 3.750% at TD Bank (NYSE:TD) and an April of 4.045%.

The 30-year fixed rate shot up immediately after the presidential election, but has since fallen back and hovered around 4 percent for five consecutive weeks, as multiple controversies surrounding the Trump presidency threaten to derail his pro-growth agenda.


The rate on 15-year mortgages eased to 3.27 percent from 3.29 percent last week. A year ago at this time, the 5-year ARM averaged 2.80 percent.

While the White House scandal was the catalyst for a measurable drop in the past couple days, mortgage rates had already moved a bit lower thanks to a slower than expected rise in consumer prices.

Mortgage applications fell by 4.1% on a seasonally adjusted basis for the week ending May 12, according to the Mortgage Bankers Association's weekly mortgage applications survey. Only small changes have been noted to 10-year Treasury yields, which often mirror mortgage rate trends.

The 5/1 ARM interest rates at PHH Mortgage are available starting at 3.310% and an April of 3.853%.

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