This year, mortgage rates have been something of a rollercoaster. While at the beginning of the year, mortgage rates for the year fell from the previous year to hang around 4.2% across the board, this decrease was still much higher than expectations as it was the first time in several years that the rate started above 4%. From January to March, these rates rose steadily with March rates averaging around 4.25%. In our local area, most lenders were much higher with rates averaging around 4.35%. April brought lower rates across the board, which did drop local rates, but this month has even added to the rollercoaster that is mortgage rates.
Over the last month, the rates have roughly remained static overall, but this last week saw a significant rise in the beginning of the week and most recently, yearly lows.
“Mortgage rates surged significantly lower Wednesday, as a part of a broad-based market movement following a political scandal that began taking shape yesterday afternoon. You can choose your preferred media outlet to digest all of the details, but the issue surrounds communications between Trump, former FBI Director Comey, and the potential for the details of those communications to be demanded by House Oversight Chair Chaffetz,” reports mortgagedailynews.com.
Many borrowers will see quotes in the 3.875%-4.0% range now as opposed to 4.0-4.125% before today.
Here’s a few local mortgage rates, according to bankrate.com, based on a 30-year fixed rate with a loan of 300,000:
|Community First Bank and Trust||4.153|
|Wilson Bank and Trust||4.396|
|Pinnacle National Bank||4.147|
The rate is based on 30 year fixed rate mortgage and a loan of $300,000.