BofA opens debate on lowering mortgage down payments


President Trump's political troubles sent traders into a stock sell-off mode Wednesday - but yesterday, all was forgotten. On Thursday, however, stocks were trading higher. "This week's survey closed prior to Wednesday's flight to quality", he said.

10 year loan interest rates at the bank have been listed at 3.250% today yielding an April of 3.430%.

15-year FRM this week averaged 3.27 percent with an average 0.5 point, down from last week when it averaged 3.29 percent. Other key rates also fell marginally. 7 year refi ARMs can be had for 2.625% now with an April of 3.141%. Bond prices rose as investors shunned riskier assets. Mortgage rates will likely fall next week as 10-year Treasury yields have declined on safe-haven demand for bonds due to concerns about potential delays in tax cuts and other fiscal stimulus amid probes into U.S. President Donald Trump's 2016 campaign team and Russian Federation.

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. 20 year fixed rate mortgage interest rates are being offered for 3.625% and April of 3.723%. The market composite index - a measure of total loan application volume - decreased 4.1 percent. "The relative weakness in government application volume suggests that many potential first-time buyers remain on the sidelines due to the lack of entry-level homes on the market".