Average US 30-year mortgage rate slips to 4.02 percent

The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. "However, this week's survey closed prior to Wednesday's flight to quality". That depressed the yields on long-term Treasury bonds, which mortgage rates tend to follow.

"Political drama in Washington prompted mortgage rates to fall as investors scale back their expectations for the passage of legislation that might boost economic growth", said Svenja Gudell, chief economist at real estate data provider Zillow.

On Thursday, the benchmark 10-year Treasury yield US10YT=RR fell to a one-month low at 2.18 percent as safety bids for USA government bonds grew on worries about a scandal around Brazilian President Michel Temer, spurring a rout in the Brazilian stock market .BVSP.

The 15-year fixed-rate average dropped to 3.27 percent with an average 0.5 point.

30-year fixed-rate mortgage (FRM) averaged 4.02 percent with an average 0.5 point for the week ending May 18, 2017, down from last week when it averaged 4.05 percent. A year ago at this time, the 15-year FRM averaged 2.81 percent.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. USA stocks plunged on Wednesday to the lowest level in a year as the controversy swirled over President Donald Trump's firing of former FBI Director James Comey, and the possible divulgence of classified information to the Russians.

Meanwhile, mortgage applications dwindled last week, according to the latest data from the Mortgage Bankers Association. "Purchase volume is running more than 9 percent above last year's pace, with conventional purchase application volume up more than 12 percent".

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