Mortgage Rates Slide to 4-Week Low as Tax Overhaul Stumbles- Rebranded
Rates for home loans slid as the promise of sweeping tax reform increasingly came into question.
The 30-year fixed-rate mortgage averaged 3.90% during the November 9 week, down from 3.94%, mortgage financier Freddie Mac said Thursday. The 15-year fixed-rate mortgage averaged 3.24%, down three basis points. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.22%, down from 3.23% during the week.
Mortgage rate trends
Bond prices have rebounded; nudging yields down, as Republicans’ promises to enact comprehensive tax reforms has met with stiff pushback from special interests. Mortgage rates track the U.S. 10-year Treasury note.
The benchmark 30-year fixed-rate mortgage has averaged 4% so far throughout 2017, defying expectations for a breakout from long-time lows.