Mortgage Loan Rates Tick Higher, Applications Flat

Commerce US Bankcorp Interest Rates for Home Mortgages Nov 21 2017

The seasonally adjusted Purchase Index was up by five percent from one week earlier and the unadjusted Purchase Index increased by one percent compared with the previous week and was up by four percent from the same week one year ago.

10 year loan deals are being quoted at 3.590% at the bank yielding an April of 3.853%.

The 15-year FRM this week averaged 3.32 percent, up from 3.31 percent last week. The 7/1 ARM deals are available starting at 3.875% and April of 4.110%. Rates on a 30-year FHA-backed fixed rate loan rose from 4.05% to 4.08%, the highest level since July. The 10/1 ARM loans have been published at 3.920% now with a starting April of 4.101%. A year ago at this time, the 5-year ARM averaged 3.12 percent. The 10 year ARM deals have been offered at 4% with a starting April of 4.134%. The shorter term, popular 15 year loan interest rates have been published at 3.625% carrying an April of 3.775%.

Adjustable rate mortgage loans accounted for 6.5% of all applications, up 0.1 percentage points from the prior week.

The benchmark 30 year FRMs at Wells Fargo (NYSE:WFC) have been offered at 4.000% and an April of 4.050% today. The best 30 year refinance FHA fixed rate loans are available starting at 5.125% with an April of 6.176% today. The 7 year ARM deals are coming out at 3.96% now with an April of 4.133%.

"Rates dipped slightly in a short week leading up to the Thanksgiving holiday". Shorter term, popular 15 year loan deals at the bank have been offered at 3.625% and April of 3.775%.

Specifically, the banks stock moved ahead to 54.54 up +0.89%.

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