Average 30-year mortgage rate falls to low of 4.08%

It was 3.19 percent a week ago and 2.84 percent a year ago.

Renegotiated mortgages amounted to €419 million in February, with variable-rate products accounting for the majority of renegotiations. The best 20 year loans are being offered for 3.750% yielding an April of 3.883% today.

The average 15-year fixed-mortgage rate is 3.05 percent, down 8 basis points over the last week.

Variable-rate mortgages accounted for nearly two-thirds of all new agreements in Ireland over the past year. In February 2017, the weighted average interest rate for renegotiated mortgages was 3.01 per cent, down from 3.2 per cent in February 2016.

Monthly payments on a 5/1 ARM at 3.13 percent would cost about $429 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.

In the ARM arena, 5 year deals have been published at 3.500% at Wells yielding an April of 3.570% at the beginning of the loan.

Similarly, the 15-year FRM this week averaged 3.34%, falling from last week's average of 3.36%. A look at the most recent budget reports show the growth in spending at the federal level is not being driven by regular programs that Congress deals with on a yearly basis, the so-called "discretionary spending" programs, which fund everything from the Pentagon to Congress, and various Executive Branch departments.

What are the refinance interest rates today?

In November previous year the Central Bank announced a relaxation of mortgage-lending rules for first-time buyers which was followed by a 42 per cent increase in the number of people who obtained mortgage approval in February, according to the Banking and Payments Federation.

Also in the market, the banks stock price tumbled to 51.36 down -1.76.

  • Todd Kelly